The client required the loan to refinance the first phase of the project — seven townhouses built using a £700,000 development finance package from a high-street bank — and to fully fund phase two, paving the way for a further 18 homes to be built.
The developer has already obtained sales agreements for four of the seven houses completed during phase one.
The CBILS loan — provided by Assetz Capital — was agreed at 50% LTGDV on a 21-month term.
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Rob Evans, director at Ribble Valley Property Development, said: “The Cotton Mill is a challenging project, working around the confines of the existing site and buildings while maximising the original features.
“It is being delivered in two phases, so the support of JMW and 2XL Commercial in securing the necessary development finance has been instrumental in making The Cotton Mill happen.”
Julian Rogozinski, partner at JMW Solicitors, commented: “The Cotton Mill is an impressive development that has transformed a disused site into much needed new homes, while keeping all the character of the old buildings.
“We’re very pleased to have been able to support with legal matters in securing the development finance for the two phases of works — we look forward to seeing the rest of the scheme take shape over the coming months.”
Tom Bamber, director at 2XL Commercial, added: “It has been a real pleasure to work closely with Rob since 2019, delivering both phases of funding for The Cotton Mill.
“Rob’s meticulous attention to detail and determination has produced first-class homes.
“The latest deal further underlines 2XL’s relationship-led approach and credentials in the development finance market.”