Financing will be used to develop a five-storey build in Battersea, South West London
Blackfinch Property, a rapidly growing agile lender for UK real estate has completed a £1.8m bridging loan with a 12-month duration. The loan is secured against a disused brownfield site in Nine Elms, Battersea, with planning permission for the build of a five-storey structure incorporating 17 residential apartments. The site, formerly a pub, has been vacant for several years and as a lender committed to environmental, social and governance (ESG), Blackfinch Property has invested to support regeneration for the local community.
The bridging loan was needed to refinance an existing lending facility, which created demanding timescales. Blackfinch Property was able to use their in-house legal team to complete comprehensive due diligence at pace and accommodate a fast turnaround, ensuring the borrower could meet the previous facility’s redemption date.
Ian Ford, Investment Manager at Blackfinch Property, said: “We were pleased to be able to step in very quickly to help this developer to meet their refinancing deadline. Our deal-based approach and internal legal resources mean we are ideally equipped to help clients achieve their project goals, even under challenging deadlines. We hope this is the first of many successful transactions for this experienced developer. The loan provides them with excellent flexibility, with the option to progress with the development under the current planning or seek a sale of the site to release equity to fund other projects. Should the development be progressed, it is expected to feature several positive environmental initiatives.
“Importantly, the site in Battersea is located in an area of London that needs additional housing, and is therefore making an important contribution to the local community.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information, email [email protected]