Delivering a £2.1m Purchase & Development Facility in Lancashire
Seneca has completed on a £2.1 million gross purchase and development facility to support the acquisition of land in Lancashire and the construction of a ground-up residential scheme. The project comprises nine new homes — five 4-bedroom detached houses and four 3-bedroom semi-detached houses — with a projected gross development value of £3.2 million once complete.
The borrower was introduced to us by a broker with whom our sales team has a strong working relationship. That existing partnership allowed us to collaborate closely from the outset and structure a facility that was both flexible and aligned with the needs of the scheme. Following valuation and Quantity Surveyor instruction, a number of issues arose that required careful review and coordination between all parties. Thanks to the experience of our underwriting team, professional advisers and the broker, we were able to resolve these matters efficiently, taking pressure away from the borrower and ensuring the transaction stayed on track.