Arc & Co. and Quantum complete £4.7m development loan

By Bridging Loan Directory 27th November 2024

Specialist capital advisory firm Arc & Co. has recently completed a new development loan with Quantum Development Finance for a scheme in Cambridgeshire.

Tom Berry, Director at Arc & Co., has secured a loan of £4.76 million for the development of eight houses, including several barn conversions, one of which is grade-listed property.

The funds from Quantum are assisting with the land purchase and covering all costs associated with the build.

The site was originally owned by a local farmer who was looking to sell the site with planning to the client, a Cambridge-based developer.

All parties had to navigate a complex overage agreement, multiple plot titles, and a lease agreement.

Despite the complexities, the case was delivered at 65% LTGDV by Quantum and Arc & Co.

The developer has now begun construction and will be looking to achieve practical completion by 2026.

Tom commented:

“The Quantum team understood the underlying legal complexities and took a commercial approach to progressing the finance.

Quantum are a new introduction to our client, and we look forward to seeing the relationship flourish.”

Mike Jessop, Lending Director at Quantum Development Finance, said:

“We were delighted to provide this funding package for an experienced SME developer with a strong regional presence.

The due diligence process was not without its complexities; however, it serves as a great example of how a lender, client and introducer can all work together to find a solution that works for everyone.

It was a pleasure to work with Tom and the Arc & Co. team on this transaction, they’re a commercial, relationship-led organisation just like QDF.

We look forward to supporting the client on this development and upcoming projects.”