"Our focus on strong relationships and reliable finance solutions have played a crucial role in the smooth advancement of this project. We look forward to continuing our collaboration and supporting its future projects from blueprint to reality"
- Mark Hedley - Shawbrook
Seasoned developer, B-Property has secured funding from Shawbrook for its latest venture, a new residential development within the Chesterton Conservation Area in Cambridge. The £2.4m loan was agreed at 65% LTGDV for a term of 18 months.
The development saw the demolition of a single house to construct five new properties, contributing to the demand for new housing in the area.
This collaboration marks the second scheme between B-Property and Shawbrook, following the successful completion of their previous project. Shawbrook has built a strong relationship with the developers, ensuring it has been alongside them throughout the loan term, which included regular site visits from the Relationship Director and Portfolio Manager.
Furthermore, Shawbrook's provision of flexible financing has significantly contributed to the smooth progress of the development, allowing B-Property to stay ahead of schedule. The project is now forecasted to be completed and repaid by September 2024, four months earlier than planned. Moreover, the developers have already sold out three units mid-build, on their way to replicate their past success alongside Shawbrook.
Mark Hedley, relationship director at Shawbrook, commented: "We are thrilled to continue our partnership with B-Property on this exciting new development. Our focus on strong relationships and reliable finance solutions have played a crucial role in the smooth advancement of this project. We look forward to continuing our collaboration and supporting its future projects from blueprint to reality.”
Sarah Austin, director of B-property, commented: “We are delighted to have secured funding from Shawbrook for our latest residential project. Their continued support and bespoke funding facility has allowed us to progress the project smoothly and we’re excited to see the development completed this year, contributing to the development of much-needed housing in the area.”
