The facility — agreed at 70% LTGDV on a 15-month term — was used to refinance the housing developer’s existing loan and to fund the completion of its 43-home residential scheme near Alfreton, Derbyshire.
The Swanwick Fields project will offer a mix of four- and five-bedroom houses, and is expected to reach completion in the second half of 2022.
Sales have already been achieved for some of the properties, as they are being built out in a phased allocation.
Stephen Midgley, managing director at Fairgrove, said: “Our original funding was expensive and was restricting the speed of build, so we had been looking for some time to refinance.
“When I spoke with MSP in early August, we provided them with all the figures and what we wanted to do.
“I was particularly impressed that MSP’s managing director, Martin Higgins, personally worked on the figures over a weekend to enable the timescales we were working towards.
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“It is a scheme that has been 15 years in the planning; when I first saw the site all those years ago it was unused land owned by a local businessman who needed to expand his nearby factory.
“Due to the sloping nature of the site, I had suggested it would be more suitable for housing and eventually the planners agreed.
“So through the sale of the site, he now has the ability to move his factory to a more suitable location, and we’re able to build 43 family homes.”
Martin added: “Our team at MSP Capital have worked seamlessly to strengthen our reach and resilience through what has been such an uncertain time for a lot of industries.
“Thanks to everyone’s input, we have the lending power behind us to lend on deals like this, together with the technology and infrastructure to back it up.”
This follows a record year of growth for MSP Capital, with its loan book first breaking the £250m threshold and now standing at just over £300m with contracted commitments.
According to Martin, MSP Capital’s loan book is on track to hit £500m by the end of next year.