Covid restrictions set to lift in time for completion of New Build Student Accommodation

A well established and experienced property developer from Coventry had based themselves in an affluent area of the North East set on creating a suite of new-build apartment blocks and building on an existing property portfolio. The client had purchased two properties that were side by side and obtained planning permission to knock down the existing buildings and build a new block of 22 apartments located in the city centre and 500 yards from the University.

The client had used their funds to get the shell of the building completed with the property currently wind and watertight before Momentum's involvement. The client required 65% LTV which equated to £650,000, to refinance the existing funder used for the purchase and complete the overall development to practical completion. The deal was complicated because the Main Contractor and Client had parted ways due to workloads, and a new Main Contractor was being put in place to finish the build. Momentum and their solicitors, we're able to carefully dissect the JCT contract that had been in place and ensure that we had obtained all the necessary collateral warranties before the new Main Contractor commencing work.

The deal was completed four weeks after the broker's original introduction, which was due to Momentum's understanding of the building and development industry. The site is now due to complete on July 21, just in time for the lifting of the Covid-19 restrictions, which will see students back in University in September.