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£19m Development Finance Loan to Merseyside Developer
The Finance Business is pleased to announce that we have completed a £19m development finance facility to one of the leading Merseyside based property developers.
The loan will enable the purchase of a new scheme in the fabric quarter of Liverpool — a mixed-use development totaling over 180 units including retail and residential.
Planning consent has been secured, of which 40% will be allocated for affordable housing.
Lucy Brannigan, Marketing Director of The Finance Business said: “The LPG Group have been long standing partners of this particular developer and when he knew that we also owned The Finance Business, one of the UK’s largest commercial mortgage brokers, he jumped at the chance of working with us on this project.”
“The Finance Business has a significant appetite for supporting developers and investors on larger, more complex real estate financing opportunities — especially since our acquisition by the LPG Group at the end of 2018 — and the firm’s origination strategy continues to involve projects in all parts of Liverpool, particularly the Fabric Quarter and The Baltic Triangle.”
This loan brings the total volume of loans completed by The Finance Business since the end of December 2018 to more than £44m.
Gary Werhiem, Managing Director of LPG Group, added: “We have been operating in Merseyisde for over 30 years. Our team are well known, we have significant commercial property experience and most importantly, an aggressive attitude to finding funding for our property development partners.
“This development, with almost 200 new homes, 40% of which will be allocated as affordable housing, helps ease that pressure.
“Bringing more housing, services and jobs to the local area, the Fabric Quarter development will be truly regenerative and everyone at The Finance Business is delighted to have played a small part”
The Finance Business are a Liverpool based commercial mortgage specialist with access to over 200 funding sources across the UK.