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FinSpace collaborates with Tempus Capital on £1.69m development deal



FinSpace and Tempus Capital have completed a £1.69m development loan for a residential scheme in Bromyard, Herefordshire, by Martin Bruce Homes.


The client purchased the site in 2018 and originally obtained funding from a P2P lender, which pulled out of the deal a few months later after going into administration.

The director at Martin Bruce Homes, Bruce Kidson, brought the case to FinSpace, which was able to arrange a deal with another lender.

However, this also fell through, as the funding provider was forced to withdraw from the market as a result of the first lockdown.

Due to the accumulated interest on the principal balance and no increase in site value, the balance to the P2P lender had accrued to a level that meant it was beyond the maximum leverage for any lender to now consider.

Through its official receiver, the lender eventually accepted a reduced balance that fell in line with the max LTV available from Tempus, to avoid holding posession of a land site with no work being undertaken.

After the lowered settlement was agreed, FinSpace collaborated with Tempus Capital to complete the £1.69m loan on a 12-month term.

Out of the total sum, £304,000 will be used to pay the debt the borrower had with the original P2P lender, while the remaining funds will be used for the development of six detached homes.

Bruce said: "I cannot thank Steve Pollard [senior bridging and development finance consultant at FinSpace] enough for all the help they provided me, particularly when other brokers had failed to find a suitable solution. 

“Along with his colleague, Gemma Perry, they worked tirelessly through evenings and at weekends to liaise with the lender and both solicitor firms.  

“I'd have absolutely no hesitation in recommending Steve to any other developers looking for funding."



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