Regentsmead and AToM structure complex development loan for inexperienced client
Regentsmead and AToM have teamed up to help an inexperienced developer achieve her dream of developing a block of flats on the banks of the Thames in Putney. The client who was first introduced to AToM in late 2015 required an immediate restructuring of her existing debt on a commercial unit she has owned since 2006, which had a side plot with planning for two flats. Horsham based AToM were instrumental in applying their specialist knowledge to allow the client to have enough funds to progress with her development project.
AToM Chairman Vic Jannels said:
“Our client was approaching end of term with her current lender who were not able to assist with her on the proposed development. Although it took a while for the planning consents to come through we kept close and introduced Regentsmead into the equation. They saw the commercial sense of the development which would benefit the client in both the immediate and longer term. Regentsmead, like most established development finance providers, wouldn’t normally have been able to fund the scheme due to the client’s lack of any previous development experience. However after some innovative discussion and suggestions, Regentsmead were able to team the client up with an experienced builder who would form a joint venture. The development loan agreed of £630,000 will help fund the build costs and restructure the existing debt.”
Ashley Ilsen, Head of Lending and CMO, Regentsmead said:
“Unlike most lenders who are inclined to just say no, we wanted to look at all possible angles to make the deal work. Thankfully we have a raft of experienced builders that look for this sort of work and, because they know us, they like the structure and to push on with the build programme. The client had a choice between various builders that we put forward for the job who all professionally tendered for the works. AToM were instrumental in making the whole thing work, its great when our combined expertise is able to unlock a scheme that wouldn’t have otherwise worked.”
Sam Howard, COO, Regentsmead said:
“Regentsmead’s experience built up over 20 years of lending means we can find solutions to complex deals that other lenders might not look at. We are delighted to be able to demonstrate this flexibility once again on this prime site in Putney, using our extensive previous developer contacts to match the builder and the land owner. Working with our introducer partner AToM, who share a very similar DNA to Regentsmead with their vast experience built up over many decades, is always a pleasure”