Regentsmead

Regentsmead delivers £630,000 loan for inexperienced developer



Regentsmead has teamed up with AToM to provide a £630,000 structured complex development loan to an inexperienced developer planning to build flats on the banks of the River Thames.

The development finance lender was introduced to the client by the Horsham-based broker in late 2015 when she required an immediate restructuring of her existing debt on a commercial unit she had owned since 2006.

The unit (pictured above) had a side plot with planning for two flats and AToM was happy to apply its specialist knowledge to allow the client to have enough funds to progress with her development project.

Vic Jannels, chairman of AToM, said its client was approaching the end of the term with her current lender, which was not able to assist with the proposed development.

“Although it took a while for the planning consents to come through, we kept close and introduced Regentsmead into the equation.

“They saw the commercial sense of the development, which would benefit the client in both the immediate and longer term.

“Regentsmead, like most established development finance providers, wouldn’t normally have been able to fund the scheme due to the client’s lack of any previous development experience.

“However, after some innovative discussion and suggestions, Regentsmead was able to team the client up with an experienced builder who would form a joint venture.”

The development loan was agreed for £630,000 which will help fund the build costs and restructure the existing debt.
 

Regentsmead case study
The site is located on the banks of the River Thames 

Ashley Ilsen, head of lending at Regentsmead, said that unlike most lenders who are inclined to say no, it wanted to look at all possible angles to make the deal work.

“Thankfully we have a raft of experienced builders that look for this sort of work and, because they know us, they like the structure and to push on with the build programme.

“The client had a choice between various builders that we put forward for the job, who all professionally tendered for the works.

“AToM was instrumental in making the whole thing work, it’s great when our combined expertise is able to unlock a scheme that wouldn’t have otherwise worked.”

Sam Howard, COO at Regentsmead, added: “We are delighted to be able to demonstrate this flexibility once again on this prime site in Putney, using our extensive previous developer contacts to match the builder and the land owner.

“Working with our introducer partner AToM – who share a very similar DNA to Regentsmead with their vast experience built up over many decades – is always a pleasure.”


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