The company: The company is a residential house builder and developer, established in June 2020, with a focus on speculative house building. The homes built by the company have a distinctive style, quality finish, and well-thought-out designs.
Funding: Funding from BLG under the Coronavirus Business Interruption Loan Scheme.
Purpose: To continue and complete a property development project that has two year’s investment of time, costs, materials, and work.
The company experienced a retraction of equity investment in March 2020 as a reaction to the coronavirus pandemic and economic outlook. Restrictions on construction sites and a reduced ability for homebuyers to move, has extended the length of property development projects.
Solution: Coronavirus Business Interruption Loan Scheme (CBILS).
The company was able to complete the application process, which was facilitated by having up-to-date financial reporting. The company’s Managing Director said, “The loan has helped us find suitable investment by reducing the cost of senior debt and therefore the predicted performance of the project.”
Conclusion: Within three weeks and with the support of BLG, the company was able to complete the application process and secure the necessary funding to complete the project.