Amicus funds flagship Liverpool developments

Specialist lender Amicus Property Finance has been recruited by property firm Primesite Developments to enable the advancement of two of the latter’s flagship Liverpool projects: The Rise and Strand Plaza.

A £12m development finance deal was agreed for the cost of land and development for Strand Plaza, while a £4.5m facility was arranged to enable the purchase of The Rise.

The Strand Plaza project will see a former Ministry of Defence building located in Liverpool’s UNESCO World Heritage waterfront converted into a residential luxury development with a gross development value estimated to be £26m.

The deal was completed in just four weeks, from application to fund drawdown.

The Rise – a £40m mixed-residential scheme – is located in Low Hill, a hilltop site above Liverpool city centre.

Both funding deals were agreed at an LTV of 70% with a payback period of 12 months.

“The speed of the deals really impressed us, because the underwriting process is so comprehensive it means the administrative side is very smooth and time efficient,” said Dave Farbrother, finance director of Primesite Developments.

“This meant that we could execute our strategy in a timely manner to maximise the return on investment.”

Simon Chapman, business development director at Amicus, said “These two projects with Primesite Developments highlight the main reason these significant Liverpool city centre developments were able to complete in the shortest possible time: the relationship we developed with Dave and his team from the outset.”

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