development site

Contour Capital provides £1.35m bridge for site acquisition



717_2022-01-10-11-36-16am.gif
Contour Capital has completed a £1.35m bridge to enable the acquisition of a development site in Bath.

The funding supported a joint venture between Merrion Group and C Group Developments, with the acquisition granting the pair time to achieve enhanced planning.

Contour also provided an additional VAT facility to bridge the required payment to HMRC and assisted with the joint venture’s cash flow management.

Ross Mansoori-Dara, CEO of C Group Developments, said: “Contour Capital was very supportive of us on this site acquisition, straightforward and easy to work with.

“They pushed hard to ensure that we were in a position to draw down funding within our short completion timeframe.”

The deal follows news that Contour completed a £712,500 bridging loan to aid with the acquisition of a site in Essex earlier this month. 

Paul O’Kane, associate director at Contour, added: “We are very pleased to have assisted this strong [joint venture] partnership on what is an excellent site for the proposed scheme.

“At Contour Capital, we are very keen to support good, experienced developers – such as C Group Developments and Merrion Group – on projects like this and across the South of England.”

Contour Capital specialises in funding of up to £10m across the residential development, commercial development and student accommodation sectors.

Leave a comment