Four professional sportsmen approached Jamie Ringer, Sales Director of Cornerstone Commercial Finance, to support them in purchasing a former office building in Cardiff. Jamie introduced the clients to Haydn Thomas, our Chief Commercial Officer, to manage the case.
After establishing a Special Purpose Vehicle (SPV), our clients sought funding to convert the office into four residential apartments for future sale or letting.
With planning permission yet to be obtained and no prior experience in the property sector amongst the clients, Haydn assisted the new business owners as they embarked on their first venture.
The property was initially purchased with planning permission back in December 2020, but the planning process soon became prolonged when another national lockdown was put into place.
By the time the planning was granted, the lack of labour and material availability required more consideration than what appeared a straightforward conversion at first.
Haydn called on Chris Buttle and Josh Barrett at Signature Property Finance to overcome these implications. Together, they re-negotiated the loan terms that worked for both the funder and our clients.
After sourcing alternative contractors following the lengthy tender process, our clients have now commenced the development and will be marketing the apartments later this year.
Chris Buttle, Lending Manager at Signature Property Finance, commented:
“Here at Signature, we recognise the need to help new entrants into the property development market and consider the team behind the deal as much as we do the deal itself.
“Working with professional brokers such as Cornerstone only adds to the confidence we have in the project and our support for this deal confirms Signature’s ethical and flexible approach to help borrowers achieve their desired outcomes, even when things don’t go strictly to the original plan.”
Haydn Thomas, Chief Commercial Officer at Cornerstone Commercial Finance, added:
“It was a pleasure to support these clients in their first joint-venture into the world of property development.
“At Cornerstone, we support our clients at every stage of their purchase. Through our relationships with lenders such as Signature, we’re able to deliver the best possible outcome for our clients and help them tackle obstacles that come their way.”