March 30th, 2016. Ben Lloyd
Deal of the Month: Financing Purchase of 1,000 Acres of Agricultural Land
Getting funding for the purchase of land that doesn’t have planning permission can be difficult – unless you have the right professional support.
Our client wanted to purchase 1,000 acres of farmland and then use it for development, despite it not having the right permissions in place at the point of acquisition.
Working closely with the local authority’s planning officials to manage a process that would see existing planning restrictions for the site lifted, the land was identified as a ‘zone’ for future development.
These approvals gave us the ammunition to launch a bid for support from funding partners, and 70% of the £10m OMV was raised to buy the site and secure it for future development.
Now, 5 months on, she has secured her agriculture land loan and began development proceedings. She has already increased the value of her purchase by 50%.
Article By Ben Lloyd
March 30th, 2016
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben