Jo Breeden

Trio of companies save development finance deal

Crystal Specialist Finance (CSF), VAS Panel and Priority Law have combined to complete a £1m development finance deal on a residential project after the original lender withdrew its offer.

The client had secured planning permission to build seven houses and one apartment in Birmingham and had already begun construction.

However, when it was later discovered that two areas of unregistered land fell on the plot, the lender decided to pull out of the project.

The client’s broker then contacted CSF, and it arranged for the solicitor of a potential new lender to review the land titles before the new valuation.

Once satisfied, the new lender was able to provide 100% of the build cost on a 12-month term with a refinance exit route.

Jo Breeden, managing director at CSF (pictured above), said: “This is a case of leading industry experts coming together to truly understand a deal and work in close cooperation to ensure the correct outcome for the client, no matter what the issues.

“Gina May at VAS Panel and Rob MacNaughton at Priority Law worked seamlessly with our own development finance director Michael Fisher. 

“After sourcing a lender, the extra due diligence undertaken at the start allowed us to find a solution for the client which did not accrue any additional fees.”

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