The lender provided a loan of £875,000 for the four-bed townhouses after the client was let down by another lender at the last minute.
The client’s broker introduced the project to Regentsmead and received the initial tranche of £480,000 some four weeks after first meeting with the lender.
Following the construction of the townhouses, all four were sold within four weeks of going on the market and the developer is now looking to work with Regentsmead on their next project.
Ashley Ilsen, head of lending at Regentsmead, said that this was a prime example of how some local councils could take a very anti-development stance.
- Regentsmead reveals new product range
- Regentsmead breaks company record
- Regentsmead to launch TV ad campaign
“The client had a huge S106 payment to be made before the development started, which is not ideal for the cash flow of the client.
“Thankfully we were able to get him a significant tranche of funding on day one.
“I was also able to brush up on my Mandarin, which hopefully helped the client feel at home when working with us.”
Sam Howard, chief operating officer at Regentsmead, added: “This is a lovely development in a good area, which sold quickly.
“As ever, we provided Regentsmead’s personal service with a number of site visits, developing a close relationship with the borrower and we are now looking at his next site.”
Leave a comment