Highlights
- Well-known experienced property developer
- Extensive portfolio and history of success
- Clear vision for the project with good exit strategy
- Funds made available within 2 weeks of initial enquiry
“It was refreshing to not only find a bridging lender prepared to look beyond the bare facts and recognise my ambition for Lanelay Hall, but one based in Wales that understands the market in the region. We welcomed Tony and his team on site a number of times. Impressed with the transformation, Signature have delivered the financial support we need to complete the project and achieve the exceptional quality of finish that sets this property apart from anything in the region.”
David Edwards – James Edwards Developments Ltd
The client, David Edwards, director of James Edwards Developments Ltd, is a serial entrepreneur, with a proven track-record as a successful property developer, with a personal portfolio in excess of 50 properties.
An experienced property developer and investor, Edwards is a long-standing client of Signature Property Finance, having been supported before on numerous projects in the region.
Edwards has a good understanding of short-term property finance and how best to use it to his advantage to expand his portfolio through strategic investments.
Project
The property in question is situated in Pontyclun, South Wales and is a 16th Century manor house, known as Lanelay Hall. It has had a colourful life and was most recently the headquarters of the South Wales Fire and Rescue Service until they vacated the building in 2007, since when it became dilapidated.
Demonstrating his renowned vision and ambition, Edwards was determined to bring the building back to life and convert it to high-quality housing, by splitting the property into three. He purchased the property with the help of a high-street lender, who understood the plan to refurbish and convert.
Unfortunately, once the building had been acquired the lender decided not to advance the funds agreed for the refurbishment. It was at this point that Edwards approached Signature Property Finance to secure the funds needed to complete the project.
Solution
With a large, time sensitive project to complete, it was important to secure a loan quickly, so that restoration work on the manor house could begin.
The decision had been made to transform the property into a unique boutique 17-bedroom B&B, with each bedroom individually designed with bespoke furniture, carpets and bathrooms.
The multi-million-pound restoration project has transformed the disused historic building into an exciting getaway destination, complete with meeting and conference rooms for business functions.
Knowing the client well and understanding their previous development history is key to making the right decisions. Signature CEO Tony Gilbertson is a pro-active, hands on property finance specialist and toured the site, listening to Edwards explain his ambition and vision for the site.
Our experience and understanding of the market allowed us to see the bigger picture. Signature Property Finance, with an office in Cardiff, is one of the few bridging lenders to work with developers in Wales and able to match their ambition for projects across the principality.
Numbers
We undertook all the necessary background checks and investigations efficiently, and finalised our decision based on our knowledge of the market and the potential of the project.
Signature provided funding for the project at a 60% LTV and the decision to lend was as much based on the strength of the relationship built over many years, as it was on the loan criteria being met.
Edwards was able to expand his portfolio and transform this unique, unloved property into a stunning boutique B&B that will draw people to the area. This was all possible, while preserving the history and character of the building, due to our commitment to find ways to lend, not turn deals down.
Our understanding of the market combined with an effort to visit the site and immerse ourselves in the project has ensured new funds where made available when required to complete the project to the highest quality standards.
“Bridging finance is always portrayed as a numbers game, but so much of the property business is actually about relationships; about people and their ability to deliver what they say they will. When we are approached by serious developers like Dave Edwards with vision and ambition to transform property for the better, we will deliver what we say we will; quick decisions, low rates and high LTVs. It’s a Signature thing.”
Tony Gilbertson – CEO Signature Property Finance