Specialist development finance lender, BLEND has announced that it has provided a £2.7m senior debt facility to fund the development of 5 new build houses in Horsham, West Sussex.
The senior debt facility was structured as a Joint Venture between the landowner and Bruckland Developments. It is a prime example of how working with landowners and developers jointly helps make schemes viable where equity is tight in current market conditions.
Over the past few months, BLEND has funded a variety of residential development schemes which have required tailored funding solutions either due to the complexity of the project, equity contribution or one of the many other factors requiring a specialist lending approach.
David Alcock MRICS (pictured), MD at BLEND commented: “We are delighted to have completed this facility with Joe and the team. Having seen Bruckland Developments' other completed projects and their attention to detail I can’t wait to see this scheme take shape in Horsham."
Joe Bruckand, Director at Bruckland Developments added: “I have known David for over a year now and been to various events where David has been there, and we have always got on well. We have discussed a few deals together and it’s been great to finally get one over the line! David is a decent guy, easily contactable and hopefully the first of many deals we will do together."
