Blackfinch Property completes £1.1m development loan
New six-month loan facility is funding a housing development near Halesowen, West Midlands
Blackfinch Property has completed a £1.1m residential development loan that will be used to complete the final phase of an existing development of 53 houses.
By allocating the loan against eight of the 17 units in the final phase, Blackfinch Property was able to convert its original bridging loan into a development loan and replicate the complex funding structure which had enabled phases one and two to be funded.
The brownfield site, located in Cradley Heath near Halesowen in the West Midlands, has been successfully redeveloped for residential housing. Many of the homes across the scheme qualify for the government’s ‘Help to Buy’ scheme, supporting first-time buyers who would otherwise be unable to afford their first home.
John Hartigan, Senior Investment Manager at Blackfinch Property, said: “We were delighted to extend our support for Dunedin Homes into the third and final phase of this project, and help them to complete this highly successful development in a tremendous location for first-time buyers and families on the move. Despite the disruption of the pandemic mid-way through phases one and two, they were able to complete the build on time, within budget and sold them several months before the term of the facility.
“This is the latest of several loans we have completed with Dunedin Homes, a highly experienced developer, who managed to overcome numerous challenges, with exceptional wet weather, treacherous ground conditions and a pandemic, to name just a few.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected]