Exeter Finance provided second charge lending to Elliott-Cannon Associates Ltd to purchase Penwerris Old School in Falmouth and convert into 4 high quality apartments with estuary views. The property was in a derelict state and required substantial renovation work to achieve the completed development.
Loan amount- In excess of £500,000
100% of build costs
Loan duration- 24 months
The site was purchased with deferred consideration and the initial funding from Exeter Finance was supported by two second charges. LABC provided certification and the site initially had planning for 3 residential units and a play school. This was then approved to 4 full residential units. The borrower overcame many obstacles during the project process which Exeter Finance was able to support.
We are pleased that 2 flats have been sold well in excess of our initial assessment due to the excellent quality of work and location.
‘Having spent a lifetime dealing with bankers on various projects requiring finance, I was pleasantly surprised when introduced to Peter Keech. Peter has an ability to grasp a situation and realise the potential of a building proposition. I had of course done all of my costing and research and indeed had a very viable project but that is never a guarantee of development finance being forthcoming, particularly in today’s climate.
Once I provided all the evidence and offered adequate security, the process was quite straightforward. As usual, the only time delays were waiting for lawyers to complete the required documentation. However, once this was done, the initial payment was in my bank account immediately. At every stage of the building process, whenever I asked for the next tranche payment, either, £25,000 or £50,000 within 48 hours of contacting Peter, the funds would be in our business account.
It was so refreshing being associated with Peter who, as an ex-banking executive was very experienced at dealing with “Project Finance” had an instant grasp of our needs.
18 months in renovating and converting an old C of E Primary school building into 4 flats resulted in a healthy profit which would not have been possible without Exeter Finance’s support and in particular the uniqueness of the man at the helm.’
-- Tony Elliot-Cannon