A significant £3.4 million funding has been allocated to a new development in Cornwall.
- BLEND has provided a senior debt facility for a local developer’s coastal project.
- The project involves building nine apartments with panoramic views opposite Lusty Glaze beach.
- Aquilae Capital played a key role in introducing the opportunity and collaborating with BLEND.
- The funding reflects the importance of experienced advisors and the confidence in development finance.
In a notable financial development, BLEND has facilitated a £3.4 million senior debt package to support the construction of a new apartment block in Cornwall. Situated in a prime location, the project will feature nine apartments overlooking the picturesque Lusty Glaze beach, a privately owned site known for its scenic beauty.
The facility, introduced by Aquilae Capital, will aid in both acquiring the land and developing the residences, highlighting a 75% loan-to-gross-development-value (LTGDV) financial structure. This approach reflects the strategic financial planning involved in such high-value ventures.
David Alcock MRICS, managing director at BLEND, expressed satisfaction with the completion of this complex deal. The journey from initial discussions to closing encountered typical challenges, yet the process showcased the strength of having a capable team in place. Alcock attributes the deal’s success to the effective collaboration with Matthew Yassin of Aquilae Capital, underlining the critical role of experienced advisors.
Alcock further noted, ‘We know the challenges that developers face in securing funding, especially at a time when many banks and other lenders have reduced their lending appetite.’ His statement emphasises BLEND’s reputation as a lender that remains steadfast through market fluctuations and the importance of relationship lending.
Matthew Yassin, managing director at Aquilae Capital, also lauded the cooperation with BLEND to secure funding for this ambitious project. He remarked on the adaptive nature of BLEND’s approach, which played a pivotal role in supporting this development scheme.
This funding arrangement not only assists the immediate project but also stimulates wider market confidence, as more developments begin to gain traction. Yassin’s comments suggest a positive outlook for development finance, with his firm actively observing an increase in market activities.
This funding initiative exemplifies the successful collaboration between financial institutions and developers, fostering growth in the real estate sector.
