Specialist development finance lender, BLEND has announced that it has provided a £2.7m senior debt facility to fund the development of 5 new build houses in Horsham, West Sussex.
The senior debt facility was structured as a Joint Venture between the landowner and Bruckland Developments. It is a prime example of how working with landowners and developers jointly helps make schemes viable where equity is tight in current market conditions.
Over the past few months, BLEND has funded a variety of residential development schemes which have required tailored funding solutions either due to the complexity of the project, equity contribution or one of the many other factors requiring a specialist lending approach.
David Alcock MRICS (pictured), MD at BLEND commented: “We are delighted to have completed this facility with Joe and the team. Having seen Bruckland Developments' other completed projects and their attention to detail I can’t wait to see this scheme take shape in Horsham."
Joe Bruckand, Director at Bruckland Developments added: “I have known David for over a year now and been to various events where David has been there, and we have always got on well. We have discussed a few deals together and it’s been great to finally get one over the line! David is a decent guy, easily contactable and hopefully the first of many deals we will do together."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
