17+ GROUND UP LUXURY NEW BUILD APARTMENTS HOYLAKE, WIRRAL
Focus Commercial sourced and arranged development exit funding for the construction of 19 new build residential apartments and 2 semi-detached houses.
What we did
The scheme consisted of conversion of a 3-storey high former church, dating from the early 1900s.
This extensive building has been developed significantly by adding a new build extension to the rear.
The whole new building was refurbished fully to create 17 new luxury apartments, in the affluent Hoylake area on the Wirral Peninsula.
Out of the 17 new luxury apartments 5 of them were presold, and 12 were remaining.
The developer client was coming to the end of their existing development loan and needed to repay the existing loan before the due redemption date, and release capital from the project schemes profit earlier to purchase their next development site and have the cashflow monies for the initial planning, and architect fees for this, as part of their growth strategy.
The development loan was approaching the end of the loan terms during the Covid19 pandemic in March 2020, and needed the scheme to reach practical completion.
Due to the pandemic, the developer faced challenges beyond their control, thus practical completion could not be met, and the developer still needs to refinance.
They approached Focus, who were able to facilitate the refinance immediately and overcame the challenges and delivered the refinance with a development finish and exit loan initially and then with some of the 6 units on long term buy to let mortgages for new tenants found.
Development guidance, expertise and services we provided:
