The clients were referred to Heron Way Consultants when their bank was unable to help. They required a facility of £900k to help with the purchase of a listed Baptist church in Chipping Norton and it's conversion into eight flats and a small chapel. The project is progressing well, with the building being stripped, made structurally sound and new internal floors currently being installed.
The property has now been re-roofed and all internal partitioning is in place with first fix nearly complete. The flats are Grade 2 listed and currently three are sold, with a further three in the process of being reserved.
Heron Way Consultants were contacted by the clients who owned a site with planning for building nine houses in South Wales, one of which had been completed and sold. Work had stopped in 2007 when the bank debt reached over £400k, secured upon the site, which valued below £200k. We negotiated with the bank for them to postpone their charge to allow one of our lenders to fund a phased programme of building work on the site. Work has started on two properties, one of which has exchanged contracts.
RRS were referred to us when they were unable to obtain funding on a site in Gloucestershire where they had already started work. The site had the foundations in and considerable ground works, including retaining walls, had been completed due to the sloping nature of the site. We initially arranged a facility of £200k to assist with the build of three bungalows. There have since been two increases in facility to a total of £500k. The properties are now complete and have been refinanced to repay the development loan.
Dwell Green Ltd
The company approached Heron Way Consultants when a bank was unable to help them. They had already started clearing the site and digging foundations, even though they did not own the site in Gloucestershire. The build is two individually designed wooden framed eco houses with air source heat pumps. We arranged a facility of £650k to aid the purchase of the site and build costs. The site is progressing well, with both properties watertight. The first property has first and second fix completed.
Prelon Properties Ltd
Heron Way Consultants were approached for funding to acquire a former office block in Bristol for £850k and a further £1m to convert it into 33 flats. We arranged £1.65m on a first charge with a mezzanine funder behind. The conversion has completed with an end buyer for over £3.5m.
The buyer had very specific requirements including computer controlled air source heat pumps which, combined with design changes made due to the structure of the building, caused an overspend. We arranged a further £525k in funding to enable the project to be completed.
Thornbury Barn Conversion
Heron Way Consultants were approached by a first time developer for funding the conversion of a barn into a three bed roomed residence. As is common with barns, the project went slightly over cost. However, we were able to arrange for further funds to complete the project. We have since arranged a buy to let mortgage on the property, which has been kept by the client as a rental investment.
Ebbw Vale Site
Heron Way Consultants were approached for funding the building of a pair of semi-detached houses after the client had been let down by another lender. The case was complicated due to specialist foundations and the use of a timber frame kit, which meant that the funding in the early stages of the build was at a greater loan to value than normally funded by our lenders. This was overcome and the first pair of semis have been completed, with one sold and the second having exchanged contracts. We have arranged further funding for the build of the next two semis on the site, which are roofed in and nearly complete, with one nearing exchange of contract. The first four properties have all been completed and sold to repay the development finance.