A new Worcestershire development of seven large, detached houses has been completed with support of a flexible £6.3m development finance facility from Shawbrook, on a 33-month term at 66% LTGDV.
The 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.
Richard Sollis, relationship director at Shawbrook, said: “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.”
