BLEND has provided a £3.6m senior debt facility to support a contractor-turned-developer in delivering nine new-build homes in Berkshire.
While 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.
The project will provide a mix of accommodation across nine houses in a suburban setting.
David Alcock MRICS, managing director at BLEND, said: “It’s great to be able to support the next generation of housebuilders transitioning from their roots as contractors into being the principal developer.
“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 said: “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.”
