Together and Creative Commercial Funding rescue deal for 218 homes
Together and Creative Commercial Funding recently completed a loan for £1.75 million that saved a development with planning permission for 218 homes in Birmingham.
The developer had committed a deposit of £1m and had an agreed forward sale which fell through at the last minute, leaving him at risk of losing both his deposit and the site if he couldn’t raise funds of £1.75m, on a loan-to-value of 63%, to complete the land purchase.
The client approached Creative Commercial Funding, a master brokerage with over 15 years experience in property and finance, to help save the deal. Given the urgent deadline, they knew Together would make a swift assessment of the case, with the ability to deliver funding within the tight timescale.
Together’s commercial board director Marc Goldberg said:
“Our commercial partners appreciate our common sense approach to lending and know that once we commit to the deal, we will do everything we can to turn it around as quickly as possible. In this case, we instructed our solicitors at Priority Law immediately and had one of our panel valuers out within two days to assess the site.
“As a master broker, Creative Commercial Funding have a solid understanding of our requirements as a lender and with all parties working together, we were able to deliver the funding in less than two weeks.”
Creative Commercial Funding’s managing director Aidan Tiernan added:
“Thanks to the quick turnaround on funds from Together, we ensured our client didn’t forfeit his £1m deposit and retains full ownership of the site for development.
“In the commercial property market, speed is of the essence, and this case is a great example of the positive outcomes that we can achieve with a unified approach and a mutual commitment to the client.”