Bridging and development lender Affirmative has helped a borrower secure time-sensitive funding following the withdrawal of the previous lender.
Primus Finance came to Affirmative with an enquiry where the developer was eager to start work on their development but, having been turned down by another lender at the last minute for reasons relating to the location, it looked as if they would not be able to get the funds they needed before the end of the year, potentially jeopardising the project.
Kyne McAllister, North West, Midlands and Wales business development manager at Affirmative, took this case straight to Affirmative’s head of underwriting Chi Ho and due to their close collaboration with their legal advisers, Boote’s and James Green, the Affirmative team were able to work with the developer and their solicitors to ensure that the deal was completed in time for Christmas so that the project stayed on track for 2020.
Steve Pollard, senior bridging consultant for Primus Finance, said: “Our client owned an unencumbered site with full planning permission in a somewhat rural location in Lincolnshire. The client needed a lender that ticked all boxes in terms of loan size, site location and developer experience and one that could turn around the application as quickly as possible as the developer wanted to get started on the build.”
“Affirmative were a new addition to our development finance panel and I must say I was really impressed with the broker-centric service from both their underwriting team and solicitors. Great effort all around and special thanks to Chi Ho, Kyne McAllister, Jane Avery and James Green.”
McAllister added: “Steve came to us with a very straightforward case which needed simple common sense to complete. We are here to lend and we are very much open for business, even property or land in semi-rural locations which may put others off. In this case we quickly established that this was a developer and project that we would be happy to fund and that is what we did.
“We are delighted to have provided the solution. It was a pleasure to work with Steve and his client to get this one over the line and we look forward to seeing their progress on the build.”