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£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.

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.