When it comes to supporting large scale, multi-plot developments, Signature Property Finance has plenty of experience. This proven track-record and understanding of the challenges faced by ground-up developers allows them to establish strong working relationships with their clients.
Whilst there is always a client expectancy for lending decisions to be made quickly and without unnecessary disruption or delays, this requirement becomes even more important when a new development of multiple homes is at stake.
With more than 20 schemes to its name since 1996, an experienced developer found itself in need of significant funding to cover the remaining site development costs at two separate locations – one consisting of 332 units and the other 108.
At one of the two sites there were four units still to be developed, which the client required short-term property finance to complete. As such, a sizeable loan of £1.2 million was requested on a 12-month term, which would give the group enough time to develop and market the units.
The scheme, which promises ‘new luxury homes combining terraced, semis and detached’ has already attracted widespread interest as the demand for affordable housing continues to grow across the UK.
Located on the outskirts of a picturesque village in Wales, the development has strong transport links and access to a wide range of local amenities, further driving demand in the homes.
However, a loan of this size could only be agreed once the necessary background and credit checks were complete, which is made easier for Signature, with its own in-house legal team – working quickly behind the scenes and communicating every step to the developer.
Confidence in the development was helped by the firm’s first-hand knowledge and experience, having previously overseen schemes of a similar size. With the vision and importance of the project clear to see, Signature were happy to agree a deal on the 12-month term requested, ensuring the development could be finished on time and to budget.
Tony Gilbertson, CEO at Signature Property Finance, commented:
“The scale of the whole development is beyond our reach, but our experienced team is committed to supporting developers with loans to complete their projects.
“We have the expertise needed to assist and keen to get on site to understand a developer’s vision, ensuring opportunities are not delayed or missed entirely.
“Even when it’s an established firm seeking support with a multi-plot scheme, we work hard to tailor loans to the exact needs of the client, to ensure the loans works for them. This certainty of funding is critical to developments of all sizes, when no surprises is more important than headline rates.
“As such, we are very much looking forward to watching the rest of the development take shape and supporting the client on similar projects in the future. We regard every deal as an opportunity to turn each client into a repeat customer.”
The developer added:
“Speed is of the essence when it comes to securing short-term property finance and the in-house legal team and development experience within the Signature business is critical to smoothing the loan process.
“Fortunately, Signature understands the need for certainty of funding and following through on promises made at the outset, better than most. They work quickly to tailor a deal, regardless of the loan size, large or small and offer an impressive service, which means a call for our next deal.”