row of white houses with solar panels on the roof - l

£3.5m loan funds new housing development.

15 Nov 2017 | 2 min

We delivered development finance for property company Feniton Park Ltd to complete two phases of a new-build, exclusive housing estate totalling 25 homes in Honiton, Devon.

Key facts

Loan type Amount Term
Development finance £3.5m 18 months
The challenge

The developers had already completed five of the properties but were left with cash flow issues which stalled the second phase of the project after a previous lender withdrew funding because of the complexities of the case.

The solution

Our regional development manager visited the site and instructed a valuation of the already-built properties before agreeing to provide £3.5m to redeem their existing loan and draw down funds against the works already completed on site, allowing the developer to get the project up-and-running again and progress with another 14 homes in the second phase.

The result

Jonathan Sally, commercial funding surveyor at Together, said: “We were able to structure the loan to suit the customer, working with speed and flexibility needed to meet their cash flow requirements.”