Wellesley Finance has partnered with SPF Private Clients, a leading UK financial services intermediary to complete a £16.5million development loan in less than four weeks.
The funding was provided to Tunham Limited for a mixed-use development project in a liquid London area, building 28 units, one-two-three bedroom apartments and much sought after high spec office accommodation in a strong area of the capital.
Providing this large loan in such a short time frame, is testament to all the hard work of all involved. A real team effort, with SPF (the borrowers’ financial advisors) providing a quality pack, and our underwriting team working closely with the valuers and solicitors to get the deal done quickly.
Simon Blakebrough, Director of Tunham Ltd adds:
“We were introduced to Wellesley Finance rather late in the day to help fund the acquisition and development of a mixed-use scheme in Clapham. A professional and seamless process from start to finish, we were very impressed with Wellesley’s service and speed of delivery. We are already in further discussions to fund our next project together"
Derek Bradstock, Head of Property Finance at Wellesley adds:
“Completing on this transaction is a perfect illustration of what we are striving to achieve at Wellesley Finance. The opportunity to support a quality developer, build a long and trusting relationship and demonstrate what can be achieved with first class team work from all parties”
Wellesley will now further focus on supporting our borrower for the remainder of this project ensuring the very best of services and personal relationships are given.
We continue to have a strong appetite for new deals and look forward to speaking to borrowers and Intermediaries throughout the UK, who are seeking development finance.
Given that the economic uncertainty looks set to continue into 2017, we expect to continue seeing a surge in demand over the course of next year. Often in times of dislocation, the best entrepreneurs find opportunities to grow stronger businesses and we are ready to fully support them.