Richmond surpasses £500k maximum on landmark deal

A development lender has smashed its own maximum loan limit in a deal which saw the North-West based lender providing £740,000 for a project in West Sussex.

Richmond Securities, a small privately funded lender, has completed a development deal of £740,000, a sum which represents a £240,000 extension on the firm’s normal maximum loan size.

The deal, completed last month, was secured against a new build in West Sussex, along with two adjoining plots of land for the new build of two executive detached houses.

The borrower, a new client to Richmond, took the deal on a 35 per cent LTV, in order to complete two further builds on the corresponding plots of land.

Speaking on the completion, Tim Blackledge of Richmond Securities, said: “This deal was an exceptional circumstance for us and although certain aspects were particularly complex - we could not pass up on the opportunity to fund such a quality project.

“We like to deal with the borrower direct: our brokers provide the basic information, but we do all the legwork.”

Richmond Securities provides residential development finance to experienced professional builders and property developers on a commercial basis. Applicants without experience will require a professional to manage the project for them but can still get the funding they need.

Once in receipt of the initial introduction the outfit concentrates on providing exceptional personal service by dealing direct with the customer, and packaging the deal through to completion and throughout the life of the loan.

The team pride themselves on having developed knowledge, expertise and experience and are able to assist with small developments, typically for new build projects of between one and four residential units.

Tim added: “Where possible we provide advanced stage payments and clients only pay our arrangement fees on completion of the loan.”