Magnet Capital complete £1.4m development finance loan
Magnet Capital have completed on a £1.4m loan for phase 1 of a 3-phase project to provide 13 new homes in Castle Donnington, Leicestershire. Phase 1 consists of 5 detached houses and to install a substantial amount of groundworks for the remaining units. As usual Magnet Capital provided a contribution towards the purchase price as well as a loan to cover the full build costs and any contingencies.
Ashley Ilsen, CEO, Magnet Capital said:
“During the current market difficulties I’ve been trying to bang the drum for consistency amongst lenders. It’s of no use to brokers (and the consumer) if lenders are in one minute and out the next, or worse yet trying to portray that they are lending when they aren’t.
This particular project is a fantastic scheme, but it only works because we’re a lender that understands the micro-markets that we choose to operate in and can therefore take a commercial view. We stick to what we know, we’ve been consistent in our lending and our messaging and that’s why we’re still functioning as close to ‘normal’ as we possibly can. As a result, we’ve seen a number of new brokers that we haven’t worked with before start to put development finance cases to us.
Sam Howard, Managing Director, Magnet Capital added:
“We are delighted to have been able to complete on what is a complex site due to its gradient and ecology. It proves the benefit of working with Magnet Capital and the direct access to the decision makers, which in this current environment is so critical to get such a loan completed.
At Magnet Capital we are committed to providing the best in class service”