This is said to be one of the quickest builds Blackfinch has funded to date.
In January 2019, funding was issued by the specialist lender for the purchase of a plot of land, with the construction of the five-bedroom, detached property starting several months later.
Blackfinch appointed a project monitoring surveyor who provided monthly updates, and its team worked closely with the borrower and monitoring surveyor to ensure there were no delays in drawdown payments.
The build was completed with limited hold-ups and is now being actively marketed.
- DFT roundtable: What areas of property development finance finance are most underserved?
- Blackfinch Property expands property finance team
- Blackfinch Property provides £4.1m loan for residential development in Bexley
“Following deal completion, it was important that we continued working in collaboration with the borrower, solicitors and external advisers to ensure there were no delays in construction payments to contractors, as these are key to keeping up momentum on site,” said Nicola Mayes, assistant investment manager at Blackfinch Property (pictured above).
“We maintained monthly communications with the borrower, as well as undertaking site visits to meet face to face and see progress live on site.
“A rewarding part of the job is seeing plans you reviewed previously become reality.”