CASH-FLOW CHALLENGE SOLVED FOR DEVELOPER OF BRAND NEW DETACHED RESIDENTIAL PROPERTY
Tuscan Capital enabled an experienced developer to complete a new-build residential project by providing funds to refinance the fully-drawn development facility and complete the final fix-and-fit-out.
A Derby-based developer faced cash-flow challenges which were preventing progress in the final phase of the build of a detached property. Tuscan Capital provided a facility which cross-collateralised the developer’s assets allowing the suppliers to be paid and much-needed liquidity to complete the fit-out and finish of the new-build.
Paul Goodman (Managing Director, Goodman Corporate Finance) said:
In this digital world, people will often hear me talk about ‘People buy People’ and I absolutely recognise the value in dealing with a hands-on lender. For me and our clients, it all boils down to certainty of funding and ownership of the client/broker/lender relationship. This is why I had no hesitation in turning to Tuscan Capital when a long-standing client needed a quick turnaround on an expiring development deal. The Tuscan team worked tirelessly from start to finish to ensure that all the stops were pulled out to fund within a tight timescale. The completion was achieved despite a number of crucial roadblocks being put in our way during the deal. It is refreshing to work with a lender whom, despite issues arising, worked hard to find solutions to lend and not to simply ind reasons not to. I will certainly be looking at using Tuscan again in the future to support our client’s requirements.