Providing accommodation for the next generation of nurses and mechanical engineers

A repeat client purchased a former charity building in the centre of Middlesbrough and obtained planning to convert the property into a 14 bedroom all en-suite student accommodation to meet rising demand in the area.

The client required £335,000 to repay the existing lender and provide the funds to complete the project over the next 4-5 months. The prospect had approached their existing lender for the funds to finish, however due to Covid-19 the lender had withdrawn all new lending and further advances against current facilities despite the fact the development was 85% complete and the property had increased in value exponentially over the first 6 months of development, this left the client short of the finances to finish the Development and with no where to turn.

Momentum we’re able to step in, have the property valued by a well respected national valuer and get the deal into the legal process within 2 weeks from the initial introduction. There were some legal hurdles to overcome due to Land Registry issues, however we were able to complete the deal over the next 7 days, repaying the existing lender and get funds to the client to push on with the development much to the client’s delight. Due to the additional funds being introduced quickly the site is set to complete by the end of Feb 21.