Positive Lending arranges £17m development finance with Aldermore
Positive Lending, the multi-award winning specialist packager, arranged a £17 million development finance facility with Aldermore. Funding was in place just 4 weeks from the initial application and saved the developer £500,000 compared with an alternative facility arranged by another broker. The facility, arranged by Positive Lending’s Chris Fairfax, is being used to build a large student accommodation scheme in the south west of England.
Chris Fairfax, Managing Director at Positive Lending, says:
“At Positive, we embrace a challenge, and enjoy helping intermediaries and clients with the more complex loan requirements – it’s where we add the most value. This large development was a complex build with a tight funding deadline. So we quickly set about visiting the site to meet the developer and fully understand their requirements. They had already received heads of terms from other lenders but wanted more competitive pricing and a trusted source of funding on which they could rely.
Having reviewed funding options, we quickly identified Aldermore as the lender with the keenest heads of terms and appetite to lend. It’s testament to our relationship with Aldermore’s underwriting team that we were able to work together and arrange the facility within 4 weeks, saving the developer £500,000 in the process.”
Simon Knowles, Head of Property Development at Aldermore, commented:
“We take pride in getting to know our clients and making sure the services we offer work for both them and us. We worked with Chris and his team to ensure that we provided a custom made funding facility in a short timescale. Having a quality introductory partner such as Positive Lending allows a smooth process from beginning to end. We look forward to working with them in the future and seeing the completed development.”