Developer Diary: Gaining funding for a complex Chelsea refurb

Developer Diary: Gaining funding for a complex Chelsea refurb



In the first of a series of Developer Diaries, a developer has shared how they gained funding for a substantial development project in the heart of Chelsea .


Multi-award winning development lender Regentsmead has recently completed the funding of a substantial refurbishment project in the heart of Chelsea. The developer had previously been let down by their bank and was looking for a specialist finance partner to assist. The request was for a loan to cover the full build costs for a refurbishment with an end sales value in the region of £8m. The development itself was extremely complex. It involved the installation of high-end products and the garden needed to be temporarily removed to allow several tonnes of steel to be brought in to create a new basement.

The developer kept a diary of how the project went:

12/4/2015 - I came to Regentsmead midway through the project. I had a very simple proposal but found it impossible to get finance anywhere. It was hard being a woman and I felt it was difficult to be taken seriously. Regentsmead, however, were very open-minded. They looked at the project very carefully and immediately saw the value. I quickly learned that they recognise potential and the need to provide funding to see that potential through.

The light switch plate was just one example of the high-end specification finishes I was using in the project. This particular plate is from high-end electronics provider Lutronan example of the level we were looking to achieve by the end of the project. The colour chosen meant that all the socket plates and door handles had to be coated to match. Regentsmead took great interest in these specifications and understood why they were required. They appreciated why the end product needed to be placed ahead of the competition and why such high expectations had to be satisfied.

 
High tech light switch 

1/5/2015 - This development was due to be part of several similar projects and, at all stages throughout the building works, Regentsmead were concerned that the final product would produce the best outcome. Products of the best quality were sourced and used in an innovative way.

18/7/2015 - Regentsmead were particularly interested in the use of joinery which originated from Poland. This joinery is of high quality and far more competitively priced than English equivalents. Regentsmead understood that I was seeking brand recognition for the quality of the project and why the finish had to be perfect. 

 
Joinery prompted interest 
 
 

22/9/2015 - A media room with utility and shower was constructed underneath the garden. It was a complicated process due to changes in planning regulations midway through the application and a faulty specification from the architect.

17/10/2015 - The mid-build change in planning meant a far deeper dig down and involved a design change to the media room. This affected the budget. Regentsmead understood the and supported the changes. Their initial advice on leverage was adhered to in the project. Myself and Regentsmead worked together to get the project finished. At no stage did they offer anything but positive energy to get the project completed professionally andquickly.

18/11/2015 – I needed an extra drawdown and an increase in loan size which was agreed immediately. At no point did Regentsmead fail to understand the issues and the difficulties. They were generous in their advice and suggestions on how to move the project forward. Building projects of this type are not always clear-cut and it is clear that Regentsmead are experienced in the difficulties that arise during such intricate projects. There were a number of specific changes which were fully supported and funded. The window, which is pictured, was very grubby before being cleaned. It was part of a product change from an expensive English option to a supplier sourced in Poland and was within budget. The quality and specifications outstripped any product priced in England.

 
Grubby windows in need of cleaning

14/1/2016 - The development utilised high-end bathroom products such as Vola taps and showers, which are pictured here. This suited the style of the development which is a mix of contemporary and classical, and the combination is deliberate. Regentsmead were enthusiastic in their interest of all the installations, having realised the importance of getting the project right for a sale.

22/2/2016 - It is hard to see the view from the master bedroom, pictured here with furniture, but this was one of the main reasons for the purchase. The view from the rear of the building has unobstructed views and the peace and quiet is a rarity in London. Regentsmead needed no persuading and immediately recognised the value of the investment.

 

The master bedroom 

The expert advisers that Regentsmead recommended in the build were always available for comment. The fact that such individuals are always at hand is reassuring. Independent experts of such calibre are rare and a credit to the requirement for excellence and probity that underlines the way Regentsmead operates.

Ashley Ilsen, Head of Lending at Regentsmead concluded, “It was an absolute pleasure to work with someone so passionate on producing a very high-end product. As with a lot of refurbishment projects, there were some unforeseen problems which we were able to work around quickly. The developer was someone who clearly values the Regentsmead service and the end product here is of exceptional quality. We are really looking forward to working with them on their next project.”

This diary is attributed to a anonymous property developer


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