The 15-month loan facility will be used to develop a row of terraced houses in Bradford-on-Avon
Blackfinch Property has completed a £2.1m residential development loan to allow a property developer to carry out the construction of five three-bedroom terraced houses in Bradford-on-Avon, a highly popular town in West Wiltshire, near the Somerset border. The loan will be used to develop the site under the approved planning permissions.
As construction on the site had already commenced, the borrower required a quick turnaround on the loan completion in order to prevent construction delays. Blackfinch Property’s commercial team was able to efficiently review the construction documents, coordinating with both the borrower and our internal legal team to reach a mutually beneficial solution. This included ensuring the joint contracts tribunal (JCT) agreement sufficiently protected the borrower, and by extension Blackfinch, by stipulating the contractor carried adequate risk throughout the build.
Ian Ford, Investment Manager at Blackfinch Property, said: “We are pleased to have been able to assist this borrower with their first large-scale development, which will provide high-spec residential housing in a highly sought-after town in the South-West of England.
“The transaction required a quick turnaround, as well as overcoming a number of legal and commercial hurdles. Overcoming those hurdles not only provided us with comfort on the transaction, but also provided the borrower better protection. Hopefully, this will be the start of a long-term relationship with the borrower.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected].