F&P Sponsors

F&P saves brownfield regeneration project

Peer-to-peer (P2P) lender, F&P Sponsors has completed three loans to save a brownfield development project in County Down.

F&P has completed three loans to the client since the beginning of the year, worth £175,000, £150,000 and £175,000 at a GDV of 56%.

The Northern Ireland-based property developer, Maillot Jaune, required the funding to complete a housing development on a brownfield site in Grey Abbey, County Down.

Initially, the client had sought funding to build 11 flats in 2006.

However, following the economic downturn, the project was moth-balled and planning permission expired.

Maillot Jaune then returned to the council with a revised application for eight, three-bedroom terraced houses which was granted in August 2016.

Kieran Trainor, director at Maillot Jaune said: “We had originally agreed funding with my bank that we have been with for years – we even had a verbal guarantee.

“But following the Brexit vote, the bank became nervous and, without warning, pulled the plug on the whole thing.”

In March, Kieran had obtained planning permission from the local planning authority - Ards and North Down Borough Council - and instructed builders when to start work.

“I had been looking at different alternative finance organisations, but wasn’t happy with the terms, so pulled out. I then came across F&P,” Kieran added.

“Compared to bank finance, it isn’t particularly cheap, but this project would not have got off the ground without its help and the P2P finance agreement it arranged.

 “At every stage of the process, F&P has kept us up-to-date with what’s happening.

“The process has been very efficient and relatively quick, so should the need arise again I wouldn’t hesitate to turn to F&P once more.”

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