Amicus prevents delay on £1m development

The lender was approached to fund the purchase of the site, which had previously been used for warehousing and storage, in an established student area in Sheffield. 

The site had planning permission for a 127-bed student accommodation scheme with a market value of just over £1m. 

Amicus included all of its stakeholder parties from the beginning of the process, so they were aware of the borrower’s requirements from the start. 

The developer had a surveying background and was very hands-on, attending on-site meetings with Amicus’s underwriter and valuer.

Chris Roscoe, relationship manager at Amicus, said he took great pride and satisfaction in the ‘can do’ team spirit the lender had to get cases like these over the line.

“At Amicus Property Finance, we always look to deliver a solution and actively work with all our stakeholder partners to continually improve our proposition. 

“This came into play when we were able to open up our network to this developer when the original contractor withdrew during the underwriting process.

“With this swift intervention, the completion suffered no delays. 

“The site has since been acquired and the development is progressing on track.”