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G&C Finance delivers Elegant £10m hat trick in first quarter and reveals record funding figures
24/04/06
As G&C Finance reveals a total of £60m development funding during the first quarter of 2006, the entrepreneurial property finance specialist confirms it has sealed a £10m hat trick of funding deals with Solihull based Elegant Homes.
This significant agreement, negotiated in under less than three months, has doubled the growth activity of this niche developer in the West Midlands marketplace.
Wircester Manor, a prestigious two-storey 13-apartment scheme in Solihull was the first development to be funded by G&C Finance in December 2005 on behalf of the Solihull based developer. Eleven homes out of thirteen on the £2.6m site have sold off plan within just ten weeks.
Elegant Homes subsequently submitted funding applications for a hat trick of schemes in January 2006. A 48-hour decision by G&C Finance enabled the sites to join the Elegant Homes portfolio during the same month.
Beechnut Lane in the heart of Solihull will be the first scheme to be released to the marketplace. Home to thirteen luxury apartments with a gross development value of £4m, work is anticipated to begin on site in July 2006 with first homes available for occupation in Summer 2007. Legal agreements for two of the remaining schemes, located in Solihull and Birmingham respectively, are currently being finalised, with planning applications due to be submitted during this month (April).
Adrian Willet, National Managing Director of G&C Finance said: "Solihull continues to be a hotbed of opportunity for niche quality developers and Elegant Homes is keen to maintain the momentum it has already gained in this marketplace.
"G&C Finance was established to enable ambitious quality developers to seize opportunities they would not normally be eligible for and our partnership with Elegant Homes is a perfect example. With the G&C team firmly on board offering funding and consultancy advice, the Directors of Elegant Homes have now set out to expand their portfolio much earlier than anticipated in their growth."
G&C Finance aims to be the largest national property financier in the UK within the next three years. It offers 100% property development finance to fully fund residential and mixed use developments, irrespective of size and location, with or without planning permission, including purchase of the land, construction and related costs.
Barney McElholm Elegant Homes said: "Elegant Homes traditionally built two schemes a year but the G&C Finance model has now allowed us to deliver four or five schemes annually. G&C Finance was an obvious partner to help our growth strategy succeed. We now have the capability to build many more homes than we had ever anticipated and the demand for our individually designed apartments and houses shows no signs of abating. The roof is not even on at Wircester Manor and we have sold almost all the units. To me, that says it all."
Adrian Willet added: "We are helping to create a strong foundation for a successful expansion of Elegant Homes which illustrates our ability to assist developers with all aspects of bringing new schemes to fruition and maximizing profit. We are already examining a number of other sites which will deliver more quality homes and a very exhilarating second quarter of 2006 for this partnership."
G&C Finance will consider all projects with a projected gross development value in excess of £1m, with no upper limit. Securing a total of 60 residential and commercial deals during the last 16 months, the specialist development financiers have generated in excess of £300m of new development.
Launched in November 2004, G&C Finance has rewritten the rulebook for funding new developments offering creative and flexible financing solutions for a wide range of developers. It differs from industry competitors by providing 100 per cent finance for developments, both with and without planning permission.
The firm has already made an unprecedented impact on the national property market and the majority of projects generated to date have been secured due to the team’s expertise and its extensive list of regional and national contacts.
G&C Finance are 100% development funding & finance experts.