Ribble Valley based developers, Whalley Developments Ltd, are set to begin work on a luxury four bed detached house, with funding secured through a bridging finance package.
The site at Elker Croft on Whalley Road in Billington is now full steam ahead as a £285,000 loan has been secured through Bridging Finance Solutions. The firm worked with Samantha Williamson of SJW Property Finance Ltd who put together a bespoke finance package which will provide the required cash flow to build the house whilst the local market is still improving.
Whalley Development bought the site some time ago and secured enhanced planning permission. Despite the added land value, their high street bank are unable to support the development.
Alan Kinder of Whalley Developments said: “As a relatively new small developer we’ve experienced a number of difficulties when dealing with high street lenders. It has been extremely refreshing that, with Samantha’s help, we have been able to go forward with BFS in such a positive way.”
Bridging finance is increasingly being considered a main stream lending solution by developers and contractors, as well as brokers, solicitors and accountants who are looking to secure funds quickly on a short term, basis. Steve Barber of Bridging Finance Solutions said: “We’re pleased to be able to support developers who may not be able to access high street lenders, working with brokers such as Sam who recognise the benefits of lending in this way.”
Samantha Williamson added: “I am delighted that Bridging Finance Solutions (BFS) has been able to provide a tailored solution so quickly and on competitive terms. BFS have also shown a desire to develop a relationship with the client’s preferred monitoring surveyor, Jim Watts of Watts Group Plc, so this has made the process smoother and quicker.”