Exclusive: Together & Creative Commercial Funding saves 218 home developments
Together and Creative Commercial Funding has completed a £1.75m loan to save a 218-home development in Birmingham…
The lender teamed up with the master broker to help a developer who had committed a deposit of £1m but saw an agreed sale fall through at the last minute. This left him at risk of losing both his deposit and the site unless he could raise £1.75m on a loan-to-value of 63%.
The developer went to Creative Commercial Funding to help save the deal, and given the tight deadline, the master broker approached Together knowing that it had the ability to deliver funding within the tight timescale.
Marc Goldberg, Commercial Board Director at Together, said: “Our commercial partners appreciate our common sense approach to lending and know that once we commit to the deal, we will do everything we can to turn it around as quickly as possible.
“In this case, we instructed our solicitors at Priority Law immediately and had one of our panel valuers out within two days to assess the site.
“As a master broker, Creative Commercial Funding has a solid understanding of our requirements as a lender, and with all parties working together, we were able to deliver the funding in less than two weeks.”
Aidan Tiernan, Managing Director of Creative Commercial Funding, added: “Thanks to the quick turnaround on funds from Together, we ensured our client didn’t forfeit his £1m deposit and retains full ownership of the site for development.
“In the commercial property market, speed is of the essence, and this case is a great example of the positive outcomes that we can achieve with a unified approach and a mutual commitment to the client.”