The story
In the depths of the pandemic our client contacted us to see if we could help fund a substantial development on the banks of the Staffordshire and Worcestershire Canal in the heart of Stourport on Severn
Our client has spent years pulling together the various pieces of land in the area and was ready to develop but the many complexities of Development Finance, combined with the huge challenges surrounding construction and funding during Covid-19 presented a real challenge.
The Scheme
The 72 x 2, 3 and 4 bed houses was broken up into 3 phases. 18 units in phase 1, 18 units in phase 2 and 36 in phase 3. There were challenges with The Canal and River Trust, mitigating flood risk and council delays but phase 1 was completed and sold through on budget and on time, with phase 2 set to complete by mid 2025.
The Funding
Funding for phase 1 was secured through Oak North Bank and benefitted from the Governments Specialist CBiLs funding initiative. £5 million obtained at 0% interest with all fees covered under the scheme. Phase 2 has been financed with Hampshire Trust Bank at competitive rates after the extremely turbulent period of 2023.
The solution
Our client needed a flexible and bespoke approach. He needed a broken who could consult with him to find the best solutions available for a complex emerging scheme that has changed and adapted to challenging circumstances and difficult times. He needed lenders that understood the development challenge and could see our clients vision, and who would be nimble and responsible to his needs. This meant presenting, packaging and explaining comprehensive information, not only about the client, but detailing construction methodologies, planning vagaries and constant updates to get this deal over the line.
The result
A deepening, mutually beneficial consultative relationship with a great developer and the creation of well built housing that is forming a fundamental part of the regeneration of this market town.
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