Project Location: Shrewsbury, Shropshire
Project GDV: In excess of £2 million
Mezzanine Funding Facility: £250,000
Funding Security: Second charge with an agreed Deed of Priority
Facility Period: 12 months
Calmez has supported a number of previous barn conversions by this developer whom has built a successful portfolio of such specialised projects over more than 20 years. On this project Calmez provided mezzanine funding of £250,000 on a fixed term for 12 months as well as helping securing the senior debt, seconding a project manager and supporting the marketing initiatives.
The developer has created a stunning series of linked barns around a central courtyard with a mix of one, two and tree bedroom accommodation. A clear attention to detail has been shown in both a creative use of the space available but also in preserving the inherent character such as the ancient beams.
Phase I comprised the release of the first 7 units with prices ranging from £119,950-£179,950 and all were quickly sold. Phase II comprised a further 8 units, some of which enjoy views towards a delightful lake, with prices ranging from £133,000 to £240,000.
CALMEZ offers developer loans and developer funding in the form of mezzanine funding to property developers and builders with proven track records and whom meet the lending requirements of both our prime lender as well as our own. For more information then please contact us here or by calling 0207 096 1900.