Residential Development Achieves Practical Completion in Less Than a Year with Support from Blackfinch Property
Team ensured timely completion of loan and month-end drawdown payments
In January 2019, Blackfinch Property provided a loan of c.£600,000 for a residential development project in Bristol, for a modern, five-bedroom, detached property situated in an affluent city suburb. The project has now achieved practical completion in less than a year; one of the quickest builds Blackfinch Property has funded to date.
After funds were provided by Blackfinch to purchase the plot of land in January 2019, construction started several months later. The build completed with limited delays, allowing for a high-quality finish to the residential development.
In delivering funding, Blackfinch Property overcame all hurdles and completed documentation within the developer’s required timeframe. For this project, Blackfinch appointed a Project Monitoring Surveyor, who supported with monthly updates. The team worked closely with the borrower and Monitoring Surveyor to ensure that there were no delays in month-end drawdown payments.
Nicola Mayes, Assistant Investment Manager at Blackfinch Property said: “Following deal completion, it was important that we continued working in collaboration with the borrower, solicitors and external advisors to ensure there were no delays in construction payments to contractors, as these are key to keeping up momentum on site.
We maintained monthly communications with the borrower, as well as undertaking site visits to meet face to face and see progress live on site. A rewarding part of the job is seeing plans you reviewed previously become reality!”
The completed property is now being actively marketed. It offers a great location, being close to local amenities, including supermarkets, schools and a local sports centre. It is a short walk to Sea Mills train station, which has fast and easy transport links into Bristol Temple Meads, Bristol Parkway and Cribbs Causeway.
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. It typically lends up to 70% loan to value and 85% loan to cost, either residential or commercial. It focuses on senior and stretched senior with many loans originating from repeat borrowers. For more information email [email protected].