Signature Private Finance again proved the best way to understand a loan application is to visit the site, following the approval of a £460k loan to help with the purchase of properties in Crewe, by new developer Chemar Properties.
The enquiry was passed to the short-term property finance specialists by Nigel Whitfield of Empire Commercial Finance, who recognised that for an inexperienced developer, Signature represented the best option to secure the funds needed.
Chemar properties was formed in 2016 as a residential property management company, by well-known local figure Martin Davies, who sold his successful plant hire business to fund the new endeavour.
Signature BDM, Danny Power, commented:
“Our first thought is always, does the property have at least four walls and a roof. If it has those and fits our acceptable properties specifications, then we start the discussion.
“We believe it’s critical to meet clients whenever possible, particularly when dealing with relatively inexperienced developers, who typically need more support throughout the process – enquiries brought to us by experienced brokers like Nigel, will always attract our attention.
“The properties occupy a great location in Crewe, which may not be a recognisable development hotspot, but it’s future is bright thanks to the progress of HS2 and associated industry.
“Martin has a good business plan, but it was tough to see the value in the development on paper. But once we visited the site and Martin walked us around explaining his vision, it was easy to see the potential – the rest is just paperwork.
“Our determination to find ways to lend and not turn deals down, may require more miles on the road than other lenders, but helping developers like Martin achieve their desired outcomes makes it all worthwhile.
Chemar Properties Director Martin Davies said:
“My broker Nigel recognised the need to involve a funder with direct experience of the property development market, as the project looks much better in the flesh than on paper.
“Once I explained, not just my plans, but the optimism across the region and Crewe in particular, Signature made the application process relatively quick and simple.
“I was impressed that Danny and the team from Signature were prepared to get their hands dirty and walk around the site to understand my vision and the potential that exists locally.
“Requiring more funds to complete the refurbishment phase, Signature again made the process efficient and stress-free, which is all you can ask for when you have a development to finish and market.
“This was my first dealing with Signature, but I doubt it will be my last. There are plenty of opportunities across Cheshire and now I have a resourceful funder on which to call, the next property will be along soon.”