"Working through these issues is only possible if you prioritise building and maintaining a close relationship between funder and developer – something we recognise at Shawbrook"
- Richard Sollis - Shawbrook
A new Worcestershire development of 7 large, detached houses has been completed with the support of a flexible Development Finance facility from Shawbrook, on a 33-month term at 66% LTGDV.
The experienced property developers, introduced to Shawbrook by Barstow Bradstock Associates, had already obtained planning consent to develop the new homes on an existing site. Construction was completed in two and a half years and the homes now feature a private drive, gated entrance, individual gardens, a communal greenfield area, and an on-site waste disposal unit.
During the construction phase, the developers identified an opportunity to amend their plans to make use of unused space in several of the houses, which would enhance the properties’ value and appeal. Shawbrook’s Development Finance team was able to recognise the value this would add to the house, and working alongside an external valuer the lender was able to adapt the facility to support the change in plans.
Early phases of the construction were also impacted by covid-related supply chain issues, pushing out the overall timeframe. Working with an experienced and flexible funder ensured the developers were able to accommodate these delays and successfully complete the project.
Richard Sollis, Relationship Director at Shawbrook, commented: “Flexibility is key in our world, and it’s important for a lender to recognise the evolving nature of development projects. We’re delighted to have supported these developers with funding that accounted for changes to their plans, as well as the impact of issues beyond their control.
"Working through these issues is only possible if you prioritise building and maintaining a close relationship between funder and developer – something we recognise at Shawbrook.”
