Regentsmead recently extended the loan term on a £1.15m project, after a buyer unexpectedly pulled out of a purchase.

Fact file:
•    Purpose of Loan - To construct 2 luxury detached houses in Solihull, West Midlands.
•    Purchase Price - £925,000
•    Build Costs - £700,000
•    GDV - £2,300,000
•    Loan Facility - £1,150,000 being £450,000 towards the purchase price and £700,000 towards the build costs

The loan, which consisted of £450,000 towards the purchase price and £700,000 towards the build costs, had to be extended after a footballer pulled out of a deal to buy two 6-bedroom detached houses in Solihull, West Midlands.

The developer said: “This resulted in our loan going over the standard term, which, with some lenders can mean a lot of serious headaches.

“However, with Regentsmead, their personal and flexible approach meant that we could easily come to a suitable agreement for an extension.

“Regentsmead have once again proved to be a pioneering choice for our development project with the speed and service that is invaluable to our long-term business plan.”

The gross development value of the project was £2.3m, and the Regentsmead client won the ‘Developer of the Year for Build Quality Award’.