broadwood Capital

Broadwood Capital lends £3m to Cracknore Investment

Broadwood Capital has completed a £3m loan for Cracknore Investment’s latest project in Birmingham.

The loan — agreed on a two-year term — was used to assist with the acquisition of a 20-acre site within the Hams Hall area.

Part of the site already has planning consent for an energy-to-waste facility to convert domestic waste into electricity, which will be fed back into the national power grid.

Cracknore Investment aims to construct the plant over the next 12-18 months.

This is the fourth loan completed by Broadwood Capital, taking its total lending to over £10m.

The specialist alternative lender offers facilities between £500,000 and £10m to support experienced investors and developers with complex projects for various asset classes.

Dan Smith, founder of Broadwood Capital, said: “This latest loan really played to our strengths as a lender. 

“There was a specialist planning consent for an energy-from-waste facility and numerous complexities surrounding the site, which required a detailed understanding and a tailored lending solution. 

“Cracknore Investment is best in class for assets such as this, and we worked closely with its highly experienced team to deliver a flexible lending solution, which allowed them to move forward with its business plan.”

Ian Steer, board director at Cracknore Investment, commented: “Properties like these are notoriously difficult to finance due to their specialist consent and the undeveloped nature of the land. 

“This was a highly complex transaction and Broadwood understood the property fundamentals and risks where other lenders fell short. 

“Broadwood’s response was rapid and detailed enabling a difficult situation to be resolved while giving us flexibility to move forward on this and other projects.”

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