The facility — arranged at 80% LTC and based on a peak cashflow structure — will be used to develop Uplands, a 31 new three- and four-bedroom family homes in Glossop, Derbyshire with an expected GDV of over £10m.
Prior to this, Cowgills Property Finance’s sister bridging finance business, PMJ Capital, provided early-stage funding to assist with the site, planning and working capital costs over the last two years.
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David Rainford, director at Cowgills Property Finance and MD at PMJ Capital, said: “With the initial loan in place and a willingness to roll forward part of the facility, we were able to be flexible and secure the funding package with Homes England.
“We’ve worked tirelessly with Paul [Feehan, principal at Richard Lloyd Developments] and Mark [Jones, principal at Richard Lloyd Developments] to not only deliver appropriate funds at each stage, but to support them through a lengthy reserved matters planning progress during the entirety of the pandemic.
“That combination of both business advice and access to finance at every stage is a real strength of Cowgills and we’re excited to see this development now progress at pace to completion.”
Paul added: “Uplands is a great site which will deliver much needed new homes for the local area now we have full funding in place.
“It has been a real team effort through some extremely challenging times and without Dave’s support, guidance and sheer perseverance throughout the process the scheme would not be now coming out of the ground.”
“The demand for high quality family homes is good locations shows no signs of slowing down despite the removal of the stamp duty holiday which is really reassuring.
“The build programme with TAD Construction is now well underway and reservations at Uplands are going really well with over £2m worth of houses reserved already.”