Blackfinch

Blackfinch provides £1.6m facility for Gloucestershire development



Blackfinch Property has completed a £1.6m loan to fund the development of a former stable yard and field into five three-bedroom Cotsworld-stone properties in Gloucestershire.

The facility will be used to clear the existing site and construct the new homes.

The Tetbury development will regenerate the land in an area of outstanding natural beauty, while the natural stone construction of the new properties will ensure they remain in tune with the local landscape.

While assessing this deal, complications arose surrounding the rights of the new properties to existing utilities connections from adjacent sites.

Blackfinch Property’s legal team was able to negotiate with the borrower’s solicitors to ensure the relevant rights were obtained, and that completion could take place before Christmas.

The facility was agreed at a 60% LTV for an 18-month loan term.

Nicola Mayes, investment manager at Blackfinch Property, said: “We’re pleased to be funding a development local to us in Gloucestershire, especially one which will benefit local suppliers and use natural resources, such as stunning Cotswold stone. 

“This development is situated on the outskirts of an historic Cotswold market town, and we’re looking forward to conducting local site visits and seeing the project progress.”



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