The mezzanine facility, agreed at 75% LTGDV, and equity finance will help with the development of the scheme, which will consist of 17 detached three to five-bedroom private dwellings and five affordable homes.
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In addition to the funding, Iron Bridge Finance added value by using their experience and expertise to improve the initial concept of the scheme by making suggestions and improvements in the planning, as well as the design, layouts, and sizes of the units.
The lender’s contribution and support led to an increase in the development’s GDV of over 30%, with the scheme now anticipated to achieve a significant increase in profit.
Edward Alexson, chief operating officer at Iron Bridge Finance, said: “We worked hard with the developer on the scheme’s design and planning.
“It is one of many examples of how Iron Bridge Finance provides competitively priced finance and added value to our partners.
“Since the pandemic struck there has been a shift in buyer needs and there is currently a huge demand for additional space, larger gardens, and homes in rural areas.
“This scheme has it all – a fantastic commuter location, large outdoor spaces, a picturesque rural setting, and stunning views over green pastures.”