As a reliable short-term property finance provider, Signature has built a strong reputation for its commitment to supporting clients, working hard efforts to get deals done, delivered on the same terms as agreed at the outset.

This dedication has allowed the firm to achieve significant growth in recent years, reporting year-on-year record lending figures, which extended into the new year. Recognising the importance of understanding a developer’s vision for their project, Signature tailors its solutions to the unique needs of each client, whilst ensuring a quick, smooth process.

The ability to combine process efficiency with years of first-hand experience, delivered by Relationship Managers who understand local markets, continues to enhance the firm’s reputation and attract new clients, such as this experienced Manchester-based developer.

Broker delivers best deal for client

Signature’s latest Relationship Manager, Paul Ratcliffe, based in the North West, re-connected with a number of brokers and explained the benefits of the firm’s approach to lending, based on personal relationships and certainty of funding.

One such broker, Angel Property Finance (APF), contacted Paul about a developer client of theirs who had recently secured a city centre site worth approximately £1 million in its current state. The developer had approached APF seeking a bridging loan of £330,000 to assist with future property investments.

Securing the funding would also help the developer secure planning permission for the site, with £180,000 of the loan allocated to repay outstanding debt, which would allow the deal to progress smoothly.

Once planning consent for residential apartments has been achieved, the site’s future value has been estimated at £2.5 million – a significant uplift that represents important progression for the client. At the time of writing, the developer had received an offer of £1.5 million for the site, demonstrating the level of interest and long-term potential.

The site consists of a pair of self-contained units, which have now been combined and consist of a single-storey section and a two-storey area with accommodation over ground and lower ground floors. The subject property also benefits from a large, secure yard used.

The site, close to a planned arterial road, is ideally located for a residential block of apartments and recent discussions with the local council have shown there is an obvious appetite for the area to be redeveloped to deliver much-needed modern housing.

Recognising the long-term potential of the project, the Signature team wasted no time undertaking the necessary identity and credit checks to ensure nothing would slow progress of the release of funds. All checks cleared as expected, given the quality of the application provided by the broker.

In case the planning application took longer to be secured than anticipated, a loan term of 24 months was confirmed, which was deemed sufficient, before the property would be marketed and sold for upwards of £2 million.

Although happy to work with first-time developers, the experience and proven track-record of the client made the decision to lend an easier one, especially given the promising messages coming from the local authority, regarding the scope and vision of the project.

Paul Ratcliffe, Relationship Manager at Signature commented: “I’m pleased to get this first deal done for Signature and the signs are good. The firm has enjoyed significant growth in recent years and our ability to attract new clients of this calibre stands testament to the quality of our service.

“We ensured the terms were tailored to give the client the time and resources needed to secure a successful project delivery. And as always, we ensure the client draws down funds on the same terms we agreed at the outset, which is a core pillar of our service delivery.

“From our initial meetings with the client, their passion for the project was evident and it gave us confidence that over time this may well become a repeat client who will bring more quality deals to a broker we are building a strong relationship with.

“When we factored in the developer’s history of completing similar sizable projects, it was clear that their long-term ambitions were more than achievable and proved a good fit for our lending criteria. It is always gratifying to be part of a process that ultimately delivers a good quality development that will undoubtedly have a positive impact on the local community.”

Chris Wilcox, Real Estate Investment Director at Angel Property Finance added: “Crucial to the success of this project was certainty of funding, so our client can undertake planning applications, safe in the knowledge they have the support of a short-term property finance provider that understands the importance of doing what they say they are going to do.

“Signature took the time to understand the finer details of the project, supporting our client throughout the process. Communication was quick and concise, ensuring we always knew how the deal was progressing – progress eased by the fact Signature has its own in-house legal team.

“We recommended the deal Signature tailored for our client, as it certainly delivered what our client needed, on time and in line with our expectations. I’m confident this is only the start of a strong relationship with Paul and the Signature team, that can only benefit property professionals.”