Real estate finance provider helps kick-start Birmingham schemes
A gap in the market for real estate bridging finance has helped The Harrogate Group advance a record £75m in short-term loans for Birmingham property development projects in just six months.
The real estate finance provider has helped kick-start a range of developments in the city – including residential schemes, student accommodation and a hotel – with a combined gross development value in excess of £240m.
Schemes backed include: 80 new apartments in Morville Street, Jewellery Quarter; the restoration of the Murdoch and Pitman building on Corporation Street, creating a four-star hotel; and a 184-bed student facility on Lawson Street.
Faisal Arif, chief executive of The Harrogate Group, said: “Developers often need bridging finance quickly, to take advantage of an opportunity to acquire a site and close a deal. The traditional high street banks are often unable to deliver on tight timescales.
“Emerging private real estate finance providers are nimbler: we have advanced funds in as little as seven days for our developer clients. As a result, we believe we are now the largest and go-to private bridging provider for the real estate sector in Birmingham.
“We are very proud that we are helping to kick-start new development, including the provision of much-needed new homes, the restoration of historic buildings and the regeneration of down-at-heel areas, at the same time as creating new jobs. In addition to the £75m we have advanced in the last six months, we have a healthy deal pipeline, which is encouraging news for the city’s development prospects.”
The Harrogate Group launched its Private Property Fund last year to provide financial support for residential and commercial developments. In addition to bridging finance, Harrogate provides development loans and commercial mortgages ranging from £5m – £50m. The company has offices in Birmingham and Liverpool.
