100% of the required Equity was provided, amounting to £240,000
15% per annum interest
Flexible term length
An experienced developer client approached us with a fantastic scheme to build 24 apartments in a town just close to Chester in Cheshire. The scheme lent itself to phasing and could be built quickly using timber frame construction.
The developer came to Positive Commercial Finance for 100% funding of the scheme.
We first sourced a Senior Debt lender for the bulk of the required finance. This Senior Debt facility provided 100% of the build costs and 50% of the land loan. The lender was happy to allow a timber frame type construction and had processes in place to deal with the advance payments required when building by timber frame.
A private equity company were then approached for the equity investment in the scheme. 100% of the equity was provided at 1.25% per month plus a share of the profits. These funds went in on Day one towards the land purchase. The scheme is currently in development and Phase One will completed in September.