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Peter’s blog: Fast finance arranged to save the scheme

group of UK houses

Pulling out all the stops to save a developer’s scheme
BLG are particularly proud to step-in to save a fantastic four apartment development on the south coast. The developer was pioneering a new closed-panel timber frame system constructed by a European based offsite manufacturer. To fund the project, the developer’s broker had arranged finance of £3 million, comprised of a senior loan ‘topped up’ by a mezzanine loan. Frustratingly for the developer, the senior lender was dragging its heels and putting the project at risk, so his broker called BLG for help.

BLG arranged senior development funding within 2 weeks, mezzanine within 2 days…
BLG empathised with the situation and took up the challenge. In a matter of days BLG had visited site and met with the developer. A funding proposal was submitted to BLG’s credit committee and senior funding was made available within two weeks of the initial call from the broker.

Just when the developer thought the project would be (relatively) plain-sailing from that point on, the mezzanine lender providing the ‘top up’ loan let them down. Within just two days BLG were able provide the additional mezzanine funding required, meaning the developer could progress with his build.

And BLG? They believe it’s the tricky development schemes and the challenging circumstances which allow their team of property development finance experts to do what they do best. After all, as BLG’s tagline says, “Our business is helping you build”. Nothing makes them happier than funding projehttps://blgdevelopmentfinance.co.uk/products/development-finance/cts and helping developers realise their schemes.

What the developer had to say…
“I have been nothing but impressed with all personnel at BLG; from the top down, everyone was extremely efficient and bent over backwards to help. We are using a unique form of closed-panel timber frame construction and were pleased that BLG were interested in what we are trying to do, they believe in our thoughts that the system we are using could be the future of UK construction.

I am extremely impressed by the speed of lending decisions made by BLG. Everyone else pales into insignificance when it comes to senior development funding. Other lenders were taking months to reach their decision but BLG provided funding within two weeks. And the mezzanine funding was arranged within two days, which is an awesome achievement. All aspects of the funding process with BLG worked well, especially the speed of the underwriting – they truly wanted to help.

I was an investment banker and know good service when I see it. I also repay great service with loyalty and am already in discussions with BLG for the funding of a number of new sites, involving senior, mezzanine, pure equity funding. We intend to build our business alongside BLG and look forward to working with them on our future developments.”

WHAT OUR CUSTOMERS SAY ABOUT US

“We have used BLG for development finance for over 8 years. During that time we have found their knowledge and expertise in the property development industry to be second to none. Their loan process, pragmatic and flexible approach to lending and flexibility when required has supported our business needs throughout the period and provided us with support to deliver new homes in Bristol and the surrounding areas.”

“As property developers you never know the curve balls that you may get and a project that is great on paper may prove a bit more tricky.  This happened to us on a project that BLG have funded and throughout they have supported us.  Our business likes to be collaborative and when we hit those tough moments it really felt like we were working as a team with BLG.  If you have a decent project you can get it funded, but what you really need is a business that is there to support and advise you as well.  For us on this project it was BLG.”

“I approached BLG Development finance with an opportunity I had in Chesham, Buckinghamshire, to build 5 new build houses in 2021. My main contact was Anil Bains who is a Director covering Asset Management. Within very quick timescales, BLG provided me with indicative quotes in regards the finance levels they could offer me. Having considered those levels, I requested a valuation to be carried out which again was dealt with swiftly. We proceeded to completion. The build went very smoothly with monthly monitoring being carried out by BLG and monthly drawdown requests dealt with in a very timely manner. Due to a difficult time generally in the market in regards selling, I was in need of a six-month extension to the loan which again was appraised very quickly and granted. Having dealt with numerous funders over the last 20 years, I can only speak highly of my personal experience with BLG and would very confidently work with them again on any future projects. “

"From our side it has also been a pleasure working with BLG and the team there. We have found you easy to deal with, proactive in resolving any minor issues that have arisen through the project and shown great flexibility in working with us as a partner. We will certainly like to work with you on future partners."

“I really appreciate your hard work. We really like the way you communicate & I must say I haven't seen many people who are that approachable.”

“A very efficient processing team, dealing with the DD once deal credit approved, through to completion”

“Many thanks for your efforts on this one and getting it approved and sorted so swiftly, very much appreciated. I am sure I will be speaking to your over the coming months.”

“We had other funding options, but chose to use BLG again, as we work well with the team, who always provide very clear information and advice with a friendly approach throughout the funding process. Very efficient and always very helpful.”

“Many thanks Anil, it’s been a real pleasure working with BLG so far.  We’re lining up the next project too”

“We would recommend all staff we have dealt with at BLG, as we are very satisfied with the team and the initial offer/terms presented, then you and the funding team, through to the draw down team at valuation stage.”

“All documents are clear and the way you keep clients informed, all the way along the funding process, is refreshing for us”

“With regard to what should be improved at BLG, we work with many lenders in our business and we do not get the help and response we have had on the two projects with all at BLG on our funding for our developments.”

“We would particularly mention Dave Edwards and Tom Pitts as being central to having a smooth working relationship and being positive and helpful at all times. Their guidance in helping us navigate the project from inception to completion was invaluable. As was their patience, particularly at the beginning. We look forward to many future projects with the BLG team.”

“We would like to express our appreciation for your support on our development in Bristol. We were very pleased that, from the outset, you shared our vision of the project to convert a dated but classical building, that had outlived its usefulness as a school, into unique luxury apartments with views overlooking the city. We found our dealings practical and streamlined. Monthly payments were processed in an efficient and timely manner.”

“BLG are very good at communicating with clients and all documents are very clear and all at BLG are always happy to help.”

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