Magnet Capital completes £1.4m development finance loan
Development finance lender Magnet Capital has completed on a £1.4m loan for the first phase of a project to provide 13 homes in Castle Donnington, Leicestershire.
This is the first of three phases, consisting of the construction of five detached houses and a substantial amount of the groundworks for the remaining units.
Magnet Capital provided a contribution towards the purchase price, as well as a loan to cover the full build costs and any contingencies.
Ashley Ilsen, CEO of Magnet Capital, said: “During the current market difficulties I’ve been trying to bang the drum for consistency amongst lenders.
“It’s of no use to brokers (and the consumer) if lenders are in one minute and out the next, or worse yet trying to portray that they are lending when they aren’t.
“This particular project is a fantastic scheme, but it only works because we’re a lender that understands the micro-markets that we choose to operate in and can therefore take a commercial view.
“We stick to what we know, we’ve been consistent in our lending and our messaging and that’s why we’re still functioning as close to ‘normal’ as we possibly can.
“As a result, we’ve seen a number of new brokers that we haven’t worked with before start to put development finance cases to us.
Sam Howard, managing director at Magnet Capital Managing, added: “We are delighted to have been able to complete on what is a complex site due to its gradient and ecology.
“It proves the benefit of working with Magnet Capital and the direct access to the decision makers, which in this current environment is so critical to get such a loan completed.
“At Magnet Capital we are committed to providing the best in class service.”