Over the years, Signature Property Finance has built a strong reputation and sustained growth with a focus on supporting clients to achieve their aims, undeterred by a lack of development experience or project complexity.
Within the Signature business are a number of individuals with personal experience of property development, which means if a client’s vision is clear and the plans are feasible, then Signature is more than willing to get involved and discuss terms.
It is this reputation that has not only ensured clients return again and again, but allowed them to consistently attract new clients, as they continue to reap the benefits of referrals made by brokers and developers that have enjoyed a positive experience.
Of course, this success is then compounded by the successful delivery of funds, as seen in the case with a recent project being undertaken by D & BS Properties in Scotland.
The client, introduced by ASC Finance for Business, required a refurbishment loan of £175,500 to complete a full refurbishment and conversion of a residential freehold property located in Peterhead, acquired a few years earlier.
With much of the early-stage strip-out works completed by the client’s construction and roofing business, it was understood they would also oversee the remaining refurbishment works.
A deal worth the energy to complete
Upon completion of the works, the six-bedroom, three-bath semi-detached property would benefit from an ensuite for each bedroom, as well as new window installations and external improvements, such as new roofing.
Signature duly conducted the necessary background and credit checks to ensure the viability of the project and the developer could follow the proposed exit route, which in this case would be to arrange a long-term refinance solution.
The project has been designed for the finished property to be let on short term leases, aimed at those coming to the region to work on the carbon capture and energy infrastructure projects in Peterhead and beyond.
Signature agreed to provide the full amount on a 12-month loan term, which would give the client 6-9 months to complete the refurbishment with the remaining time used to refinance and market the property.
Developer Darren Byrne commented: “Signature came highly recommended for their understanding of the development process, with direct personal experience of deals that may not immediately look straightforward.
“Alan from Signature was measured in his approach and explained everything in simple terms. Communication was good throughout and it was great to deal with a funder confident that we had both the experience and resources to achieve our stated outcome.
“This project directly reflects the expected influx of skilled workers needed to deliver the Peterhead Carbon Capture Power Station, with many on short-term contracts seeking better, more personal and more cost-effective accommodation for the duration.”
Signature Lending Manager, Alan Coats, said: “No matter how large or complex a project may seem, our deep expertise in the property market enables us to operate efficiently, providing a seamless service that ensures opportunities are neither delayed nor missed.
“Right from the start, Darren was clear about his vision, making it easy to see how the development would enhance local accommodation options. Beyond that, it also presented a significant chance for this developer to strengthen and expand his already impressive portfolio.
“With this in mind, our team immediately got to work to understand the deal, diving into the details and addressing any potential challenges to ensure we could provide the funds on terms and a timeline that would best support the client’s ambitions.
“We’re pleased to say that the entire process ran smoothly, and I have every confidence that the final outcome will be just as impressive as the initial plans we discussed.”
Broker Steven Downie of ASC Finance for Business commented: “From day one, Alan and the wider Signature team demonstrated exactly why they are becoming the go-to lender for property professionals. Meeting them instantly instils confidence – they genuinely have the best interests of the client in mind and leave no detail overlooked.
“When working on more complicated developments such as this, trust and dependability are essential, and Signature’s approach ensured the project was quickly green-lighted. A major point of difference with Signature is the in-house legal support, which smooths the progress of the project and helps ensure any challenges are quickly identified and addressed.
“Given the overall performance of the team, we expect to work again soon with Alan and Signature. Personally, I would argue we make a good combination for developers in Scotland, seeking short-term finance from a business that understands their ambition.”