Goldentree was approached by Keith Forster, a broker at Property Finance and Development Limited who sought funds to enable the purchase of a site for one of his clients, Francis Firmstone, an experienced and respected developer and owner of Firmstone Developments Ltd.
Northover Developments Ltd, a subsidiary company of Firmstone Developments, had agreed to purchase a 12 acre site known as Wesley College in Bristol, a former training facility for The Methodist Church. The site comprised both commercial and residential buildings, consisting of houses, the college, flats, and a chapel.
The deal was entirely speculative and Goldentree’s assessment, following a site visit, was that Northover Developments Ltd was made up of experienced operators who had a sound strategy for the site.
The deal was completed seamlessly, with Goldentree repaid in full shortly after as the client’s exit route proved reliable.
Speaking about the deal, Francis Firmstone said: “Having not used a commercial lender since the credit crunch, we were very impressed with the speed and efficiency of Goldentree’s service.
The lender acted within our timeframe and stuck to the initial deal terms. We found Goldentree very refreshing to work with and look forward to an ongoing relationship.”
Keith Forster, who oversaw the deal at PF&D, added: “When we received this enquiry for an experienced developer who needed to move quickly to acquire a 12 acre site near Bristol, we had no hesitation in presenting the proposal to Goldentree.
“It was clear to us that speed was of the essence to ensure that this large site with planning gain opportunities was handled by a lender who could respond quickly, had the requisite skills and experience to assess the various complexities that the site presented. “
He concluded: “Goldentree worked with the client and his lawyers to iron out all of the issues and the whole thing was completed in a matter of weeks, much to the delight of everyone associated with it.”
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