£3.5m loan funds new housing development.
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.”