October 31st, 2017.
£10m Purchase and Development Funding Arranged for West London Clients
In an exciting new project, Alexandra House, a 2/3 story office building built in 1930s West London will be newly refurbished and extended with the help of finance secured using Pure Commercial Finance’s services.
Once complete, the project will provide 21 high-quality studio, one and two bedroom flats with a unique finish which complements the properties current dimensions.
The Complexities of Finding Finance
Due to the projects location in the borough of Ealing, just 6 miles west of central London with strong travel links, this was a very sought-after development opportunity. Furthermore, due to a number of interested parties and a requirement to increase the original number of planned units, our client came to us seeking an initial bridging loan to purchase the existing building.
With a short window to exchange, gaining an offer and instructing the relevant third parties quickly was crucial. We’re pleased to say, we managed to achieve initial enquiry to completion in less than 3 weeks (which included full legal and a new development valuation).
Then with the purchase completed, we worked closely with all parties involved to facilitate the changes to the planning and arranging the facility to be agreed for the development.
Tom Lee, Head of Structured Finance at Pure commercial finance, said:
“We were up against some tight timescales and needed some flexibility to purchase the site for the client and then move it on to a development facility. The clients were meticulous in their approach and had done their research so were a pleasure to work with. Octopus excelled themselves on overcoming obstacles where challenged.”
Emma Burke, Head of Development Origination, Octopus Property, said:
“The opportunity with Vivant was an example of collaboration and flexibility at its best. With our unique lifecycle lending proposition, our Commercial Team were able to assist with the acquisition of the asset regardless of the tight timeframes. We then flipped the loan seamlessly into a development facility, using all the same professionals, to provide 100% of the funding for the development costs.
“Both Vivant Homes and Pure Commercial Finance were extremely thorough throughout this process, and I believe this is the start of a great working relationship together”.
Vivant Homes said:
“(Tom at) Pure provided detailed, in depth, support for our project, which was initiated on an extremely tight schedule. They helped us achieve this target and make the project feasible.”
Do You Have a Development Site in Mind?
Whether you’re looking to purchase a property to gain planning or change the planning that is in place, we can help. Speak to one of our development team today on 02920 766 565.
Read more:
The Pure Commercial Finance Guide to How to Become a Property Developer
