Last week, B&C travelled to Birmingham to spend a day on site with development lender Regentsmead.

 Editor Jason McGee-Abe depicts the highlights of a typical working day with the lender in the bustling development sector…

I took the 09:45 train from Marylebone to Solihull and was warmly greeted at the station by Regentsmead's James Bloom, Chief Executive, and Ashley Ilsen, New Business Executive, at 11:25. It had been raining the whole journey over, so I was preparing for mud pits.

James and Ashley drove up in the early hours and had already visited a number of different developers and sites before my arrival.

Regentsmead, the current Bridging & Commercial Development Lender of the Year, is renowned for its service so I was ready to see the pair in action.

We drove to the first site (main picture) to meet Alex Neale, Director of Romford Homes, and his broker. The Creynolds Lane, Shirley, site in Solihull has a 3,600 sq ft property and a 4,100 sq ft property respectively and Alex gave us the tour. In May, the site was completely vacant and the build was about to start on two five and six-bed detached houses. The builds are at refurbishment stage at the moment and Alex is hoping that tenants will have moved into the first property before Christmas and that the second in Q1 next year.

Negotiations are ongoing over the bespoke build of the latter property with the possible installation of a swimming pool in the garden.

Regentsmead provided a loan facility over 12 months of £930,000 (initially £8000,000 but this was increased on three occasions).

One more site was on the road trip and the Scribers Lane site in Hall Green, Birmingham, saw the construction of a pair of three-bed semi-detached houses. Construction of this site commenced around June this year and a loan facility of £240,000 over 12 months was provided by Regentsmead. The build and finish was again of top bespoke quality and standard, with occupants expected to move into the home before Christmas.

It really brings the lending process to life when you’re on site: the developer proud to showcase his product to those that have helped to fund it. Service is the most important facet of most processes, whether that is lending or Alex's bespoke development service. The fact that both firms have got the same ethos only strengthens their relationship and understanding.

Regentsmead also owns a number of properties, which means that it also understands more than others, about the needs and views of the developer.

B&C has been on site before, the last trip entailed shadowing a chartered surveyor who was instructed to check up and value a property for a bridging lender, and to go through the planning and number of bedrooms etc. This time it was different. Alex showcased the quality and small touches that would ultimately ensure that he attains a buyer for one of his properties.

It's these small touches that make a real difference. Alex highlighted the installed recess TVs and bathroom features, artificial grass in one garden, and extra wiring installed for the owner's convenience.

Regentsmead make these small touches too, by visiting their clients and by taking a real vested interested in their plans for their sites. It was great for the broker to be present too for the whole day.

Over lunch, £1.275 million of funding was agreed for the last of the three sites we visited with Alex. B&C will reveal more details of this deal next week.

After lunch, we departed with Alex and his broker’s company and went to visit a site with another developer which needs a fair bit of work on it to become structurally sound: an old factory building which will be converted into a number of flats, houses and a bungalow. Talks with Regentsmead over this site are still on-going.

We made our way back to the Lea Marston hotel, as Regentsmead were participating in a Finance 4 Business workshop the next day. Later on at the bar, where we met James Moore of Regentsmead, the F4B team, a couple of brokers and Alex Neale.

Dining afterwards Alex told me about his BMW sales background and how working for a German company really drove home the ethics of efficiency and service. Something which he says has stuck with him ever since and is something he incorporates to his development company.

He also emphasised how he met Regentsmead. Alex said that the relationship with Regentsmead began with a £600,000 deal for a 14-unit development near Birmingham. After being badly let down by a high street funder, which considered its own last-minute valuation of the site to be insufficient, he attained the proper financing from Regentsmead in double-quick time.

He had traditionally went down the route of using the bank Alex had used for several years, Lloyds TSB, and assumed that they would support him with the development, but after three months they said that they wouldn’t be supporting the development. Alex had already put £150,000 into the development and the pot was running low, he approached Regentsmead and hasn’t looked back since.

The next day, the F4B Bridging and Development Workshop took place, which also included bridging lender Capital Bridging.

At the event, James described how Regentsmead is the "Apple of the finance world", with an array of awards and market-leading rates. Rates also endorsed by Russell and his team. He also explained the importance of winning the B&C Awards and to be chosen by fellow industry peers. 

He highlighted the lender's 0.75 per cent exclusive rate, 50 per cent GDV and its higher £2 million loan size. Regentsmead has a real bespoke nature and has a vested interest and support structure for brokers and developers, whilst also having flexibility and taking a commercial view on deals.

There is more developer confidence at the moment, with more off-plan sales taking place. Free marketing is available to use and can be accessed from the development lender.

James announced that the Exclusive Product, with a monthly 0.75 per cent rate, 9 per cent annual rate, would be rolled out on a permanent basis after an initial trial period.

The principal lender's loan book has grown this year by over 50 per cent. The current development market has seen 25 per cent more new builds in Q1 of this compared to the previous quarter and there has been a boom in commercial to residential conversions also, which Regentsmead is helping to support and fund developers in growing their respective businesses and portfolios.

James said: "The event was superbly organised by Russ, Mel and the team and we found there to be very knowledgeable introducers in attendance. It was very useful to have the opportunity to provide detailed information to the audience and even our more regular introducers seemed to pick up new information. The discussion was relaxed and interactive with the people attending and we felt it was a very worthwhile and enjoyable day. The feedback we had after was excellent and it was found to be an informative event. We very much look forward to running further events with F4B in 2014 so watch this space for announcements."

It was great to spend the day with Regentsmead. My sincerest thanks go to James and Ashley, not only in witnessing the first-class service they provide but their hospitality too. Great work and some big things to come from the development lender.