Heron Way Consultants were approached for funding to build an end terrace property on a very tight site by a first time developer. HWC funded the project, which is currently just coming out of the ground.
B&R Developments Ltd
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 complete and all flats sold.
We have now arranged other finance for church conversions for this client.
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.
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. The first four properties have all been completed and sold to repay the development finance.