"The ‘S’ in SME must start somewhere and securing support for the first project can be a tricky and often daunting process."
- David Alcock - Blend
Specialist development finance lender, BLEND has announced the provision of a £3.6 million senior debt facility to support an experienced contractor-turned-developer in delivering nine new build homes in Berkshire.
Whilst the developer has a demonstrable track record of delivering homes as a contractor, this will be the first large-scale development they have delivered as principal.
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. In conjunction with supporting developers getting homes built, BLEND is also working with borrowers at both ends of the development cycle, securing buildings with planning plays on the way in and developer exits on the way out, all under one roof.
“It’s great to be able to support the next generation of housebuilders transitioning from their roots as contractors into being the principal developer," commented David Alcock MRICS (pictured), MD at BLEND, "The ‘S’ in SME must start somewhere and securing support for the first project can be a tricky and often daunting process. In this case, the developer is delivering in a market they know and understand and they needed a lender who is able to see this and appreciate the journey that they have been on. I’m looking forward to seeing the scheme take shape and working with the team on future opportunities.
He added, "It was also a pleasure to work with Jonathan Jay who introduced the opportunity, again highlighting the importance of experienced advisors working as a team with the lender all pushing in the same direction. At BLEND, we’re building a reputation based on certainty, a lender who understands the development process and the challenges that come with it, and why relationship lending matters so much.”
John Jay, commented: “It was an absolute pleasure to deal with David Alcock and Chris Hope at BLEND. They were proactive and hands-on from the outset and kept me and my client updated throughout the underwriting and legal process.
"Development Finance is never without its challenges but I really have to give credit where it’s due, as all of the team at BLEND were efficient, proactive and motivated to get the deal done. It’s refreshing to deal with a lender who understands the technicalities of Development Finance and manages the process seamlessly.”
