Blackfinch Property Provides a £2.2m Development Loan During Lockdown
The team successfully provided finance within a tight deadline during changing circumstances
Blackfinch Property has recently provided a c.£2.2m development loan to a borrower for the development of 24 residential units in Kent.
The development of 24 units comprises a mixture of two- and three-bedroom houses. Seven of the units will be allocated to affordable housing. The loan will be used to clear and develop the site.
Despite the restrictions posed by the coronavirus pandemic, and in conjunction with the mezzanine funder, the Blackfinch Property team was able to provide suitable finance in a timely manner. This ensured that the developer could acquire the land before expiration of the vendor’s deadline.
We are pleased to be funding this project as the development will help bring much needed jobs to the local area and support local trades. This site will deliver further residential units in Kent, with 30% of them allocated to affordable housing. These encompass rented units, shared ownership and starter homes with the majority set to be at affordable rents, in line with local housing rates.
Max Abbott, Investment Analyst at Blackfinch Property said: “We are delighted to be working with an established local developer in order to provide quality housing for all. In particular, the allocation of affordable units will help to meet the demand for affordable housing, and aligns strongly with Blackfinch’s environmental, social and governance focus.”
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information email [email protected]