The team successfully delivered funding within a
compressed two-week timeframe
Blackfinch Property has recently provided a £0.4m bridging loan to aid the purchase of a plot of land in Digbeth, Birmingham.
The brownfield land is currently being used as a car park with ancillary buildings. The borrower intends to put the site through planning to obtain permission for 40 new build residential apartment units, including 34 two-bedroom and six one-bedroom properties.
The planned properties would be close to local amenities, and less than a mile away from Birmingham New Street train station, providing easy access to other UK cities and airports. The site is also a short walk from bus stops, which would provide a quick route into Birmingham City Centre.
Blackfinch Property took a flexible and commercial view when structuring the deal, mitigating some of the planning risk by taking a higher personal guarantee and cross collateralising the loan with other assets held by the borrower.
The team only had two weeks to complete as the client had already exchanged contracts. The onus was on Blackfinch to move quickly or the sale could have fallen through. The team utilised its network of trusted advisers and took a pragmatic approach reviewing existing reports and searches to ensure a timely completion.
Nicola Mayes, Assistant Investment Manager at Blackfinch Property, said: “We are pleased to be working with a committed developer on this project. The team is on hand to support the borrower as they work to obtain planning permission.
The intended development will convert brownfield land into housing units, boosting the local economy and urban regeneration efforts.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. The team supports ambitious property developers across the UK.