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Large Residential Development

LARGE RESIDENTIAL DEVELOPMENT We take a look at a large development project case converting commercial offices into residential homes. Crystal secured deals totalling over £9.1m to ensure the successful purchase and development of a largescale residential project for an established property developer. The overall gross development value of the project was over £18m and included a change of use from office (Class B1) to residential (Class C3), which comprised of 33 one, two and three bed dwellings. Solution A £3m bridge was agreed to ensure a successful acquisition of the Grade II listed building, despite a pending planning application decision which was ultimately agreed. This was followed by a further development finance loan structed to clear the existing finance agreement with an extra £1.9m released...

Complex land titles

DEVELOPMENT SAVED WITH NEW LENDER A broker approached us with a client who was looking to finance a development project in South Birmingham. Planning permission for 7 houses and 1 apartment had been granted and the construction had already started. During the initial solicitors’ enquiries, it came to light that there were two areas of unregistered land that fell directly on the dwelling. Even though the client had the relevant indemnities in place to cover this, the lender refused to progress the case and the development was at risk of being aborted. Solution Our development finance team arranged for the new lender’s solicitor to review the land titles prior to the new valuation at no cost to the client. The solicitor advised us to obtain a valuation...