A Liverpool-based development finance scheme, funded by BFS, has reached a successful conclusion with all properties now available on the open market.
The private developer, with whom BFS continues to enjoy an ongoing relationship, had acquired a former public house on Green Lane in Stoneycroft, Liverpool. The building was demolished and 15 homes built, including 13 three-bed three-storey townhouses and two five-bed detached homes.
BFS loaned £1.458million to help fund site acquisition and development costs under an 18-month build programme. The firm worked closely with the client from the early planning stage and is considered part of the wider project team.
Steve Barber, Managing Director at Bridging Finance Solutions explained: “Development finance is an important area for us. We are seeing more clients, particularly those with smaller developments, looking for funding that they simply can’t secure with high street lenders due to size and scale.
“This project is a prime example of a working model with a successful outcome realised. A number of high-quality homes have been built in an area where there is a housing shortage, the client will make a strong return and we have now seen the remainder of the loan repaid in full.”
The developer commented: “This is the fifth project that I’ve been involved in with Bridging Finance Solutions. Funding for schemes under £2m can be difficult to secure with the main banks and even smaller independent lenders, not recognising the value of these ‘smaller ticket’ items. This isn’t the case with BFS who undoubtedly treat each project on its own merit, investing time, commitment and energy, offering the same levels of professionalism regardless of value.”
Bridging Finance Solutions offers development finance for a range of build types including residential developments for profit including single and multi-storey schemes, self-build home projects from the ground up including rebuilds and property conversions. The firm is one of only a handful of finance companies in the UK to offer sub £1million development loans, an area in which BFS is reporting significant growth.