The Old Grain Store Maidstone

Invest & Fund has provided a £2.9 m facility to The Old Grain Store (Maidstone) LTD to fund the construction of 25 new build apartments.

The property is located in a sought-after area of central Maidstone and is being undertaken by a client with significant experience in that region.

We saw an opportunity to work with an established operator looking to overcome logistical challenges and shifting costs in the post covid market. The main contractor on this project is the client, who has a solid background in developing ambitious and well-designed schemes across Kent. We often look for localised experience in the projects we support, and we felt that, in this instance, we had found a great partner in this region.

With this project, the clients already had a substantial financial foothold; with full planning in place, they were ready to move forward; however, the changing appetites of their banking provider had created a situation where a new funder was required to proceed into the construction phase. The foundations of most developments are access to available funding, and we worked quickly to provide assurances we could assist.

Working closely with their representative and our partner at Bluedot Financial, the initial request was a day-one facility to restructure their existing commitments. We also recognised that the client intended to make a commercial decision to planning amendments to build three additional units at the top of the scheme. Whilst written approval was being produced, we were happy to move ahead with the following stages of our process to ensure the momentum wasn't diminished.

One of the many benefits of working with specialist funders is that we will see the broader picture rather than limiting ourselves to a tick-box approach; complex schemes have many moving parts, and our Business Development Directors specialise in working with clients and partners to ensure their projects keep moving forward.

Glen Wearon, at Bluedot Financial, said:

An existing long-standing Bluedot client referred these new clients to me following a challenging time that they had been having with their current funder.

Having assessed the client's requirements, I was clear that a funder was needed who would not only offer market-leading terms and provide a speedy outcome but would also put the initial time in to understand the perceived complications of the case thoroughly, given it was a part-built development.

Following numerous calls with Glenn Williamson at Invest & Fund, we met the clients on-site within three days, with credit-backed terms issued within ten days. Glenn then didn't drop off the radar but continued working with the back office team to get us to a swift completion.

From start to finish, the whole team were superb, and I have no hesitation in recommending Invest & Fund to clients and colleagues.

For a full breakdown of our lending criteria, please head to www.investandfund.com or get in touch for a chat with one of our team at borrowing@investandfund.com or 01424 717564.