Property firm Primesite Developments has enlisted specialist finance company Amicus to enable the advancement of its two flagship Liverpool projects, The Rise & Strand Plaza.
A £12m development finance deal was agreed for the cost of land and development for Strand Plaza. Strand Plaza is a luxury residential scheme of a former Ministry of Defence building, located on Liverpool’s UNESCO World Heritage waterfront. It has an estimated gross development value (GDV) of £26m.
Alongside Strand Plaza, a £4.5m facility was agreed with Amicus Property Finance to enable the purchase of The Rise, a £40m mixed residential scheme located in Low Hill, a hilltop site above Liverpool city centre.
The Strand Plaza agreement surpassed the normal lending criteria parameters that Amicus operates in, as the £12m deal was completed in just four weeks, from application to fund draw down.
Both funding deals were agreed at an LTV of 70% with a payback period of 12 months.
Dave Farbrother, Primesite Developments’ finance director, said: “The speed of the deals really impressed us, because the underwriting process is so comprehensive it means the administrative side is very smooth and time-efficient. This meant that we could execute our strategy in a timely manner to maximise the return on investment.”
Simon Chapman, business development director at Amicus, added: “These two projects with Primesite Developments highlight the main reason these significant Liverpool City Centre developments were able to complete in the shortest possible time: the relationship we developed with Dave and his team from the outset.
“Without that relationship based on pro-active two way communication between all stakeholders in the process, what could have become complicated projects, as Dave says, ran smoothly and to the client’s demanding time scales.
“Amicus Property Finance is renowned as a flexible specialist lender but that flexibility can only be achieved when the client understands our business and Primesite Developments certainly know their business – and our business.
“The South East is no longer the only area in the UK that is offering developers exciting projects and we look forward to working with Primesite Development on many more sites around the country.”
