Finance facility ensures start of work on £3m development
A Wirral developer has secured its fifth development facility with Bridging Finance Solutions (BFS) to finance its latest luxury housing scheme.
Wallasey-based BFS has confirmed a £2.5m loan to finance the acquisition of both the land and all associated build costs, providing a complete and flexible funding package for Hooton’s Starship Group.
Plans have been secured to demolish the former doctor’s surgery in Heswall, Wirral, and replace it with nine luxury apartments in one of the area’s most prestigious residential addresses.
BFS managing director, Steve Barber, said: “We have completed a number of deals with this client in the past and have huge confidence in their knowledge, understanding and capabilities.
“We were able to take an independent view on their borrowing request and have agreed to finance the entire deal.”
He added: “The site is in a great location, very close to the town centre and the apartments are designed to a particularly high specification offering strong returns on investment.
“We look forward to working closely with the client throughout the construction phase through to Spring when the homes are scheduled for completion.”
The estimated value of the development, once complete, is expected to be in the region of £3.1m.
A Starship Group spokesperson said: “We have built a solid working relationship with BFS over many years. We regard them as our partner and an extension of the wider team.
“We collaborate with them at the very beginning and value their insight and input. They offer sound advice and present viable solutions to the most complex of financial challenges.
“This is a great scheme and we now have all the foundations in place to get things moving in terms of construction in the weeks ahead.”