Shawbrook has provided a private developer with a flexible £6.3m development loan to enable the completion of a residential scheme in Worcestershire.
The facility, which is on a 33-month term at 66% LTGDV, supported the development of seven large, detached houses, featuring a private driveway, gated entrance and a communal greenfield area.
During the construction phase, the developer identified an opportunity to amend its plans to make use of unused space in several of the houses, which would enhance the properties’ value and appeal.
Shawbrook’s development finance team recognised the value this would add to the houses and, working alongside an external valuer, the lender was able to adapt the facility to support the change in plans.
Richard Sollis, relationship director at Shawbrook, said: “Flexibility is key in our world, and it’s important for a lender to recognise the evolving nature of development projects. We’re delighted to have supported these developers with funding that accounted for changes to their plans, as well as the impact of issues beyond their control. Working through these issues is only possible if you prioritise building and maintaining a close relationship between funder and developer – something we recognise at Shawbrook.”
