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LendInvest completes £16m development deal in three weeks

Property finance lender LendInvest has completed a £16m financing deal with established development finance borrower, Yogo Group, in just three weeks.

The development finance loan will fund the part-conversion and rebuild of a Grade II listed building, the former Thomas Lipton Care Home, as well as the construction of new units.

LendInvest completed this loan in record time of three weeks from initial introduction to site purchase, after the borrower was let down at the last minute by another lender. If finance had not been secured immediately the borrower would have lost the site to another potential buyer.

Steve Larkin, director of development at LendInvest, said: “Time is undeniably crucial for any developer. In this instance it was make or break, with the developer facing the prospect of losing a coveted site to other purchasers having been let down by their initial lender.

“Our team went the extra mile to ensure that this did not happen again, delivering fast, and affordable finance in record time.

“Working with an award-winning developer is always a comfort for a lender, and we have full confidence in the Yogo Group to deliver the quality bespoke living spaces they are so well known for.”

After completion, the project in its entirely will deliver 24 apartments and six houses, ranging from one to four bed units of bespoke design and available for first-time buyers.

The site is in Southgate, Enfield, North London and sits in five acres of its own grounds, providing privacy for prospective buyers and tenants.

Construction is expected to be completed by March 2019. The total gross development value is forecast to exceed £26m

George Philippou, managing director of Yogo Group, added: “Yogo Group is delighted to be working with LendInvest to deliver another one of its high quality residential developments in a unique enclave of Southgate.

“We would like to express our immense gratitude to LendInvest who have been extremely supportive of Yogo Group not only by funding the majority of the scheme but also by achieving the unachievable and ensuring a quick and smooth three week completion.

“The service and support provided by LendInvest and its lending managers have been exemplary.”

Daniel O’Neil of SPF Private Clients introduced and advised on the deal.

Source: Mortgage Introducer

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New Black Country housing estate could be built on derelict industrial land

The 13-acre site off Darkhouse Lane, near Rosewood Primary School, will be turned into a new housing estate.

Around 142 properties would be built comprising of 30 one bed flats, six two bed flats, 51 two bed houses, 45 three bed houses and 10 four bed houses.

Plans are set to be approved subject to a Section 106 agreement at a Dudley Council meeting next week.

Affordable housing

Planning documents state: “The site is predominantly brownfield, being occupied by vacant, derelict and dilapidated industrial buildings.

“The development would also include open space and ancillary works to provide a buffer to adjacent industrial/railway uses.

“The application is made on behalf of Accord housing association and it is proposed that the entire scheme would be for affordable housing.”

Dudley Council leader Patrick Harley said if the scheme went ahead it would be ‘a boost’ to the local area.

“I welcome any investment in the borough as the council has been through hard times in recent years. We need to create our own new revenue streams and we can do that by building more houses and collecting more business rates.

“If there is an opportunity for commercial properties that would be great, and homes are good as well. I think this will provide a boost to the local economy in Coseley.”

Anti-social behaviour

A design and planning statement submitted as part of the application states: “Despite the site being allocated as employment land it must be noted the site has remained vacant for some time now and is subject to anti-social behaviour problems during the evenings.

“It is understood Dudley Council have expressed a willingness to consider the site’s potential for residential development.

“The design of any proposed residential development must be orientated to address the site constraints highlighted.

“The railway line to the west and coal manufacturing plant to the north have been identified as major potential noise sources.

“And early noise assessments suggest a minimum 60-metre offset of built form from these boundaries.

“This will achieve a substantial amount of public open space that will benefit any residential development and also provides sufficient space for the incorporation of a sympathetic noise mitigation feature.”

A previous application in 2013, from Darkhouse Properties (Jersey) Ltd, for 108 properties, was approved, but no development took place.

Source: Express and Star