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.
Project: 15 unit new build scheme
Finance: Development finance
A long-standing BFS client acquired a former public house on Green Lane in Stoneycroft, Liverpool, earlier this year. The building has since been demolished and a planning application for 15 homes, including 13 three bed, three storey townhouses and two five bedroom detached homes are currently under consideration by the local council.
The client has taken the decision to utilise BFS’s purchase and development finance facility of £1.458 million to fund the 18-month build programme.
Bridging Finance Solutions has worked closely with the client to review and consider the plans, including discussion of planning permission (and any related conditions) and present a suitable timeline for the requirement of funds.
Steve Barber, Managing Director at Bridging Finance Solutions explained: “Development finance is a growing area for us. We are seeing more clients, particularly those with smaller developments, looking for funding with the schemes that they simply can’t get from high street lenders due to size and scale.
He continued, “We see this as an important part of our business moving forward and welcome enquiries from the smaller developer in need of financial support.”
With an agreement in principle already in place, BFS successfully turned around the application within 5 days. Following planning approval, the first drawdown will be made followed by subsequent stage drawdowns.
The client commented: “This is the third project that I’m currently involved in with Bridging Finance Solutions. Each of the projects has presented individual challenges, and as is the case here, the team at BFS has made the deal happen within the necessary timeframe and under conditions that are appropriate for the development.”
“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.”
BFS were advised by Bermans Solicitors and the client by Shoosmiths Solicitors.
Image credit:Liverpool Echo