Blackfinch Property Provides £2 million Loan for Surrey Development
The team is funding the development of a seven-bedroom Victorian-era house
Blackfinch Property has completed a c.£2 million loan to fund the development of a luxury home near Woking, Surrey.
The loan will be used to fund the refurbishment and extension of a seven-bedroom dilapidated Victorian house, located on a private gated estate surrounded by woodland. The development work will also include a detached garage and landscaped gardens to accompany the house.
As part of our due diligence process, we assessed the original development plans which featured a relatively new independent contractor. As the funding structure for the project required the contractor to fund part of the build, we determined that a larger affiliated construction company would need to sign the JCT, to provide all parties with the necessary reassurance that the build would be fully funded.
Katie Willis, Investment Analyst at Blackfinch Property said: “We are pleased to be funding this project, as the development will help bring an unused Victorian building back to life. This project allows an old building to be revitalised and it means the development will be carried out in line with our commitment towards environmental, social and governance (ESG) factors.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions.