Shawbrook Bank’s development finance team has supported another new funding facility working alongside Black Book Finance.
This latest £5m facility was secured against a large office block in Borehamwood, Hertfordshire, which has consent to be converted into 51 apartments. Due to initial planning being secured for 42 apartments, the facility was agreed to be drawn down over three stages. The first being for the acquisition of the building, the second for the conversion works on the first 42 apartments, and the final stage available subject to planning approval for the further nine apartments.
The team at Black Book Finance worked closely with Lee Hancock and the team at Shawbrook Bank to push the transaction forward.
Michael Clapper (pictured), executive chairman at Black Book Finance, said: “Development projects are never straightforward, even when they might appear so at first, so our team fully understands the requirement to always be ready to sort out the inevitable curveballs whenever they might appear. This level of focus and commitment has allowed Black Book to establish itself as a go‐to source for all types of large and/or complex funding requirements.
“The project in Borehamwood was no different, and once again our team delivered an outstanding effort, pulling out every stop to ensure it got sorted in time. Once again, the team at Shawbrook showed the same level of commitment, and only by working in partnership were we able to get the job done for our client.”
Terry Woodley, director, development finance at Shawbrook Bank, added: “Our partnership with Black Book Finance continues to go from strength to strength, and we’re seeing how their growing reputation for high quality delivery is translating into higher numbers of new business enquiries. We share a commitment to applying specialist expertise and a can‐do approach to each transaction, pulling together and going the extra miles in order to deliver great customer outcomes.
“We’re proud of what we’ve done with Black Book so far and looking forward to working with them again.”