Invest & Fund has provided a £1.8 m facility to Badminton Developments Limited to fund the construction of four fantastic bespoke detached dwellings in Abbotts Field, Herefordshire. The properties are to be situated just two miles north of Ross-on-Wye in the pretty hamlet of Brampton Abbotts.
With this particular scheme alongside an element of financial restructuring, we were asked to provide an aspect of day-one equity release in the form of an initial separate facility drawn against the site's value. This facility was to assist with purchasing a further development site once the final planning arrangements and vendor agreement had been finalised.
Our client is an experienced operator with decades of construction experience and a highly professional contractor team, so we didn't hesitate to assist. Working closely with their representative and our partner Richard Holland, at RH Funding Solutions, it became apparent that other parties had previously lacked a fundamental understanding of the client's initial requirements when attempting to fund the project; however, we were confident in our ability to assist.
One of the key things we look for when working with our clients is partnerships; not just funding projects in isolation, we want to earn the right to be their ongoing lender of choice. Our team's deep expertise means that when we identify opportunities, we move quickly and confidently to the benefit of all involved.
Richard Holland, at RH Funding Solutions, said:
"Invest & Fund recently completed a development funding package for one of my Residential Developers in record time. The funding totalled £1.8m, and from sending all of the required information to Invest & Fund, we achieved the first drawdown in 8 weeks. Throughout the process, the Business Development Director Glenn Williamson and the Client Services Manager Rory Batchelor kept myself and my client up to date with regular progress reports making the process very slick.
The key with this deal was receiving indicative terms very quickly, which were then credit-backed without any amendments being necessary, and a coordinated approach with the Valuer, Monitoring Surveyor and Legal teams on both sides to achieve a fast drawdown.
I would strongly recommend using Invest & Fund for Residential Development funding in the future and would like to thank the team for a great outcome"
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