Magnet Capital closes £ 1.4million development finance loan
Development finance lender Magnet Capital has entered into a £ 1.4million loan for the first phase of a project to provide 13 homes in Castle Donnington, Leicestershire.
This is the first of three phases, consisting of the construction of five detached houses and a significant part of the earthworks for the remaining units.
Magnet Capital provided a contribution to the purchase price, as well as a loan to cover all construction costs and any contingencies.
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Ashley Ilsen, CEO of Magnet Capital, said: “During the current market difficulties, I have tried to drum up consistency between lenders.
“It is of no use to brokers (and the consumer) if lenders are in one minute and come out the next, or worse yet, trying to show that they are loaning when they are not.
“This particular project is a fantastic project, but it only works because we are a lender who understands the micro-markets in which we choose to operate and can therefore take a business vision.
“We stick to what we know, we’ve been consistent in our loans and messaging and that’s why we always operate as close to ‘normal’ as possible.
“As a result, we saw a number of new brokers that we had not worked with before starting to submit development finance cases to us.
Sam Howard, Managing Director of Magnet Capital Managing, added: “We are delighted to have been able to finish at this complex site due to its slope and ecology.
“This proves the benefit of working with Magnet Capital and direct access to decision makers, which in today’s environment is so essential to obtain such a loan.
“At Magnet Capital, we are committed to providing the best service in its class.”