Signature supports the development of part completed seven new apartments through the provision of a significant loan where the previous lender was unable to extend the term.
The strong reputation that Signature Property Finance has built stems from its ability to respond quickly to requests and engagements, ensuring experienced developers receive the support they need so that important opportunities are not missed.
This became vitally important when a well-established building contractor with a proven track record, encountered unforeseen raw material delays and issues with his existing facility, with a lender that was unable to provide the flexibility required to complete development projects and schemes.
The developer was in the final stages of a refurbish and reconfiguration program to turn a large Victorian semidetached house, located just outside Liverpool City centre, into seven new flats, providing residents with modern and affordable housing options in response to the UK’s ongoing housing crisis.
To complete the project within the timeframes outlined, the client required a gross loan of £467,736 (to clear his existing first charge lender and complete the outstanding works of circa £70,000), which was based on the property’s GDV of £720,000 and therefore within Signature’s policy guidance.
Signature used its extensive development experience to quickly understand the project and used existing professional reports to minimise critical time delays. A new valuation was arranged as Signature’s in-house legal team completed the necessary paperwork to hit the challenging redemption timeframes imposed without compromise from the existing lender.
The agreed exit strategy would then be to refinance the flats onto BTL mortgages, which given the demand for affordable housing, was approved as an appropriate route following the property’s refurbishment and reconfiguration.
A successful delivery would also provide the foundations for a longstanding relationship to develop – an important outcome that Signature strive to achieve after every collaboration.
Paul Tromans, Sales Director at Signature Property Finance, commented: “As the UK’s housing crisis continues to attract widespread media attention, we are committed to supporting developers that have a desire to improve the situation through the completion of sustainable projects’.
“To support this process, our experienced team work tirelessly to agree a loan on terms that have been specifically tailored to meet the unique needs of the client, leaving no stone unturned to ensure the finer details are suitable and most importantly delivered quickly’
“It has been a privilege to support the client throughout the journey and I’m confident that this will mark the start of a long and successful relationship together.”
Mohammed Uddin the introducing professional commercial broker, added: “Without the support of an experienced and dedicated short-term property finance provider, like Signature, much-needed developments that promise to provide residents with affordable housing would not be possible.
“We have been thoroughly impressed with the professionalism they have shown throughout the process, making important lending decisions quickly so that the necessary work can begin. With this in mind, we would highly recommend their services to other developers in need of support.”