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Primus and Affirmative in final hour £380,000 loan to keep project on track

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  • 21/01/2020
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Primus and Affirmative in final hour £380,000 loan to keep project on track
Broker Primus Finance has partnered with lender Affirmative to arrange a final hour-loan of £380,000 saving a housing project in Lincolnshire.

 

Primus Finance’s client owned an unencumbered site with full planning permission in a rural spot in Lincolnshire. They had been turned down by another lender at the last minute owing to the location of the proposed development. 

Kyne McAllister, business development manager, North West, Midlands and Wales, at Affirmative, referred the case straight to Chi Ho, the lender’s head of underwriting. The Affirmative team worked with the client’s people to complete the deal before Christmas enabling the project to stay on schedule for 2020. 

“This was a very straightforward case which needed common sense to complete. We are very much open for business and here to lend, even on property or land in semi-rural locations that may put off others. We quickly established this was a developer and project we’d be happy to fund,” said McAllister.

Steve Pollard, senior bridging consultant at Primus Finance, said: “The client needed a lender that ticked all boxes in terms of loan size, site location and developer experience, and that could turn around the application as quickly as possible, because the developer wanted to get started on the build.

“Affirmative were a new addition to our development finance panel and I was really impressed with the broker-centric service from their underwriting team and solicitors,” Pollard added.

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