Blackfinch reveals £600k development loan completed in less than a year

  • 09/01/2020
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Blackfinch reveals £600k development loan completed in less than a year
Blackfinch Property has revealed a £600,000 development loan it provided in January 2019 has been paid off in under a year, making it one of the quickest builds the firm has funded to date.

The loan was for a modern, five-bedroom detached property in a suburb of Bristol. The funds covered the purchase of the land last January, with construction not starting for a number of months.

The lender said it appointed a project monitoring surveyor for the case, who provided monthly updates, while the team worked closely with both the surveyor and the borrower to ensure there were no delays in the drawdown payments.

Nicola Mayes (pictured), assistant investment manager at Blackfinch Property, said this level of collaboration was crucial in keeping up momentum on site.

She added: “We maintained monthly communications with the borrower, as well as undertaking site visits to meet face to face and see progress live on site. A rewarding part of the job is seeing plans you reviewed previously become reality.”

The completed property is now being actively marketed.

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