"Over the past few years, we have been able to build a comprehensive knowledge of SES’ requirements, which has allowed us to facilitate their projects with a range of tailored and bespoke funding packages to enable the four unique developments"
- Daniel Fyffe - Shawbrook
The latest development, based in Queens Road, Wimbledon, consists of five modern flats with construction getting underway earlier this year. The deal, which comprises of a £1.82m loan at 65% LTGDV (Loan to Gross Development Value), was completed quickly - going from credit approval to completion in only four weeks, demonstrating the benefit of Shawbrook’s existing relationship with the developer.
The project marks the fourth collaboration between SES Property Group and Shawbrook. The first scheme, which started in January 2020, featured seven flats in Putney, ranging from one to three-bedroom properties, with all flats completed and sold by June 2021. Shawbrook supported the client with additional funding mid-build, as the developer identified an opportunity to amend their plans to add extra value to the development.
The facility was £3.08m in total and Shawbrook’s ability to be flexible and deliver a bespoke funding package, to the delight of the customer, marked the beginning of a strong relationship.
The second and third schemes were in development concurrently in Clapham and Kensal Rise, consisting of luxury apartments ranging from one to three bedrooms and two semi-detached, four-bedroom houses respectively. Both schemes have now been successfully completed, sold, and repaid.
The four development projects combined have a loan value of nearly £10.4m, with Shawbrook supporting the client through adjusted planning requirements and additional funding requirements.
Stephen Ellis-Smith, at SES Property Group, said: “We established a relationship with Shawbrook in 2018 which has since gone from strength as we enter our fourth development with the Shawbrook team. Daniel and his team have an in-depth knowledge of our business and projects which have evolved over the past few years, and have been able to provide sound expertise and relevant funding requirements to meet our objectives.
“The support and guidance through changes to planning requirements and additional needs has been invaluable, and hopefully we will work on future schemes together.”
Daniel Fyffe, Relationship Director at Shawbrook, added: “We’re thrilled that we’ve been able to build on our strong relationship and deliver another funding package for SES.
“Over the past few years, we have been able to build a comprehensive knowledge of SES’ requirements, which has allowed us to facilitate their projects with a range of tailored and bespoke funding packages to enable the four unique developments. It’s been a pleasure to work with the team at SES Property Group and we look forward to seeing the end results at Wimbledon.”
