Hope Capital has structured an £845,000 facility to fund a modern development located in Ormskirk, Lancashire.
The scheme was part of a larger development of luxury barn conversions that the lender assisted the same client with in 2021.
This case was a heavy refurbishment project, where Hope Capital provided £1.6m so the borrower could convert a vacant freehold former pig farm into 12 private dwellings.
The borrower was looking to secure a bridging loan to build a modern, state-of-the-art residential property on the same site.
They required an initial gross loan of £144,500 to commence the development and then a further refurbishment facility of £700,000 for the build.
With the assistance of Bespoke Property Finance Consultants Ltd, the loan was provided at a competitive rate.
Originally the loan was agreed for an 18-month period; however, as a result of delays related to planning conditions, the lender agreed to offer a further six months to facilitate the marketing and sale.
The property is now up for sale for £1.5m.
Mark Atkinson, director of Upward Ltd, said: “Having worked with the Hope Capital team on our previous case, we were confident they would be able to deliver a solution, and they did not disappoint.
“The knowledge and experience they have of these type of development projects, is second to none and we can’t praise the team enough for everything they’ve helped us with during both loan journeys.”
Harry Atkinson, director of Upward Ltd, added: “It was a pleasure working with Hope Capital on this case. There were a couple of hurdles to overcome along the way, however they did everything they could to find a solution.”
Chris Johnson, Bespoke Property Finance Consultants Ltd, said: “This was a great investment opportunity for the client, where speed, flexibility and transparency was key to get the deal across the line.
“The client was extremely impressed with how efficiently we could provide funding and it was fantastic to work with the Hope Capital team on another successful project.”
Jonathan Sealey, CEO at Hope Capital, concluded: “There’s nothing more rewarding for us than knowing that an existing client was so impressed with a previous deal that they decide to work with us again on a new case.
“This was an extremely unique development and is an absolute credit to the client for their vision.
“Flexibility continues to be the crucial factor in the bridging market, and we were delighted to of been able to collaborate with Chris Johnson at Bespoke Property Finance Consultants Ltd, to structure and deliver the deal.”
