Blackfinch Property, a rapidly growing agile lender to the UK property market, has completed a £2m development loan for a holiday resort in Lancashire.
The 12-month deal will help to fund the future development of Twin Lakes, which has planning permission for 54-holiday lodges, several of which have now been completed and are already operational.
Blackfinch Property, part of Blackfinch Group, which acts as an investment manager and is committed to helping individuals, businesses, and communities to thrive, will help the borrower to move into the next phase of their development plan, which includes five luxury lodges.
David Diemer, Investment Director at Blackfinch Property, says: “It was a pleasure to work with the Lodgequest team to deliver the latest phase of their vision for Twin Lakes, a luxury holiday complex in beautiful surroundings that enhance as well as protect local biodiversity.”
He continued: “The business model for this development is complex and, after taking time to fully understand it, we were able to structure a facility that best supported the growth plans of the borrower. Because we build long-term relationships with our clients, we’re often involved in several phases of a project. We’re excited to see what the future holds for Twin Lakes and how we can further support the Lodgequest team.”
Blackfinch is proud to screen all investment opportunities against criteria that will deliver Environmental, Social and Governance (ESG) benefits. The site has seen the redevelopment of a former disused quarry, creating a new wildlife environment as well as additional local jobs.
The construction also used locally sourced sustainable materials, including timber frames fabricated in the area. The development is also compliant with energy efficient building regulations and provides facilities for bicycles and electric charging points.
Speaking about the deal, broker Tom Lee added: “In a sector that is growing so rapidly, most of the lender pool can be slow to adapt. Blackfinch worked to overcome problems rather than them becoming a barrier. We look forward to working on the further phases on this scheme and watching the resort grow.”