Blackfinch provides £2m loan for Surrey development

Blackfinch Property has completed a £2m loan to fund the development of a luxury house near Woking, Surrey.

The loan will be used to fund the refurbishment and extension of a seven-bedroom dilapidated Victorian house, located on a private gated estate surrounded by woodland. 

The development work will also include a detached garage and landscaped gardens.

While conducting its due diligence, Blackfinch assessed the original development plans, which featured a relatively new independent contractor.

As the funding structure for the project required the contractor to fund part of the build, the lender determined that a larger affiliated construction company would need to sign the JCT, to provide all parties with the necessary reassurance that the build would be fully funded.

The facility was agreed at 47% LTV on a 20-month loan term.

Katie Willis, investment analyst at Blackfinch Property, said: “We are pleased to be funding this project, as the development will help bring an unused Victorian building back to life. 

“This project allows an old building to be revitalised and it means the development will be carried out in line with our commitment towards environmental, social and governance (ESG) factors.”

Leave a comment