The client intends to put the brownfield land — which is currently being used as a car park —through planning to obtain permission for 40 new-build residential apartment units, including 34 two-bedroom and six one-bedroom properties.
Blackfinch Property managed to mitigate some of the planning risk by taking a higher personal guarantee and cross collateralising the loan with other assets held by the borrower.
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The short-term finance provider’s team only had two weeks to complete the case as the client had already exchanged contracts.
Nicola Mayes, assistant investment manager at Blackfinch Property, said: “We are pleased to be working with a committed developer on this project.
“The team is on hand to support the borrower as they work to obtain planning permission.
“The intended development will convert brownfield land into housing units, boosting the local economy and urban regeneration efforts.”