Blackfinch provides £1.1m development loan for West Midlands residential scheme



Blackfinch Property has completed a £1.1m development loan for the completion of the final phase of a 53-homes residential scheme in Halesowen, West Midlands.

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The lender converted the original bridging loan it provided into a six-month term development facility secured against eight of the 17 units in the final phase of the Dunedin Homes project, replicating the funding structure which helped with the completion of the first two phases.

Some of the total homes, developed on a brownfield site in Cradley Heath, will be available for first-time buyers under the Help to Buy scheme.

John Hartigan, senior investment manager at Blackfinch Property (pictured above), said: “We were delighted to extend our support for Dunedin Homes into the third and final phase of this project, and help them to complete this highly successful development in a tremendous location for first-time buyers and families on the move. 

“Despite the disruption of the pandemic mid-way through phases one and two, they were able to complete the build on time, within budget and sold them several months before the term of the facility. 

“This is the latest of several loans we have completed with Dunedin Homes, a highly experienced developer, who managed to overcome numerous challenges, with exceptional wet weather, treacherous ground conditions and a pandemic, to name just a few.”



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