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 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 projects 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.”