27 Aug Property development finance for retail unit

Greenfield offered the client a flexible funding facility which included advancing funds in stages as and when the client required the credit.

Given the fact the client had several properties, the company allowed him to repay in lump sums in order to pay off his loan more quickly as Greenfield only charge interest on the amount actually borrowed.

Due to the client’s bank lack of appetite for development lending, Greenfield Capital lent him the money to cover the full build costs and to repay the outstanding commercial mortgage, taking security over the site with the support of two additional properties

Greenfield completes development funding landmark
Greenfield Capital has completed a landmark draw down on an £880,000 development funding deal, provided for a client in March last year.

The client was a successful NHBC registered builder from the North who had undertaken many lucrative projects in the past. He had obtained planning permission to build a retail unit comprising of a Spar shop franchise with four flats above. The development was completed in March 2013 and has been a perfect example of the effectiveness of alternative funding.

Greenfield offered the client a flexible funding facility which included advancing funds in stages as and when the client required the credit.

Given the fact the client had several properties, the company allowed him to repay in lump sums in order to pay off his loan more quickly as Greenfield only charge interest on the amount actually borrowed.

Due to the client’s bank lack of appetite for development lending, Greenfield Capital lent him the money to cover the full build costs and to repay the outstanding commercial mortgage, taking security over the site with the support of two additional properties.

Speaking on the deal, John Yates , MD at Greenfield Capital, said: “It has been a pleasure seeing this niche development progress and further expand our development lending portfolio”.

Speaking on the client, Andrew Franklin, the dedicated Relationship Manager, said: “The client was a successful property developer and it was a sensible proposition for us to lend until the bank is ready to exit our facility”.

“As a principal lender, we place great emphasis on property development funding as well as bridging loans. We have seen a marked upturn in the volume of development enquiries, which we believe is a reflection of a developer’s confidence to move forward with their developments and an indication that they’re willing to look wider than the high street banks for development funding.”

Original Article : http://www.bridgingandcommercial.co.uk/article


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