Blackfinch Property, a rapidly growing lender to the UK property market, has provided £2.3 million funding to a special purpose vehicle (SPV) of Dunedin Homes to develop seven new homes in Droitwich Spa, Worcestershire, each fitted with environmentally friendly features.
Under the terms of the 22-month deal Blackfinch Property (via its property development company, Lyell Trading Limited) - part of investment manager Blackfinch Group - will fund the land acquisition and the construction of seven detached two, three, and four-bedroom homes, exiting the deal once all homes have been sold.
Blackfinch Property screens all investment opportunities against the delivery of Environmental, Social and Governance (ESG) criteria. Each house being built by Dunedin Homes will be fitted with vehicle charging points, solar panels and a bio-disc treatment plant. Each boundary will also be planted to achieve biodiverse ecology and the dwellings are expected to achieve an Energy Performance Certificate Rating B.
John Hartigan, Investment Director at Blackfinch Property, said: “This is another excellent development by a very experienced developer, who has worked with us on their projects for several years now. Our in-house legal team worked with our external lawyers and the borrower’s solicitors to successfully clarify a complex planning query very quickly.”
He continued: “For the purposes of the deal, the developer had exchanged contracts to purchase the property, so all parties and their legal advisers worked very closely to ensure a smooth and on-time completion. It was an attractive deal for Blackfinch, well-structured with a £4.6m Gross Development Value.”
David Kelly, a Director of Dunedin Homes, added: “From the Developers perspective, we feel very fortunate to have worked with Lyell and Blackfinch on several projects now, something we feel helps and assists our business in terms of ‘knowing you - knowing us’. I’m sure this gives confidence to both sides to work within the sometimes-tricky parameters of development finance.”
Bath-based Future plc, the publisher of specialist online and print magazines, said trading in its…
The university of Bristol was one of six organisations to receive a contract from the…
Oxford BioDynamics Plc is teaming up with researchers at King's College London in a bid…
More than a quarter of a million extra construction workers are needed in the UK…
Kent-based housebuilder Vistry revealed it was on track to deliver more than 10% growth in…
A Dorset-based company, which has developed ground-breaking technology to recycle plastic waste and turn it…