Naismiths has been appointed by Shawbrook Bank to monitor one of the bank’s largest development facilities to date — a £16.95m loan for a project on the south coast of Kent, comprising 36 flats spread across three blocks.
Naismiths recently announced that it is now monitoring more than £2 billion of development funding for institutional investors and finance providers around the UK.
Its project monitoring team is currently overseeing more than 400 residential and commercial projects across England, Scotland and Wales. The projects range in value from £750,000 to £150m and beyond.
Philip Kirkwood, senior relationship manager of development funding at Shawbrook Bank, said: “We are pleased to be supporting development in the regions and this landmark new build scheme on the Kent coast is a strong reflection of Shawbrook Bank’s appetite and ability to help regional sized developers grow their businesses.
“At the same time, it’s important that we obtain the right level of due diligence on a scheme this size and we are pleased to confirm that Naismiths have been appointed as our independent monitoring surveyors. Their knowledge and experience will be vital to managing the development risk and bringing the scheme to a successful completion.”
Blane Perrotton, managing director of Naismiths, added: “This is a fantastic, forward-looking development that we are thrilled to be involved with. To have been appointed on one of Shawbrook Bank’s largest developments to date is a huge accolade for our project monitoring team and hopefully underlines the quality of our proposition. We look forward to playing a key role in helping it succeed.”
