Funding deal enables Manchester developer to buck trend with new residential scheme
North West bespoke property developer Northern Property Consortium (NPC) has agreed a deal with Yorkshire-based SME funding specialist One Stop Business Finance to push forward with its third new housing development this year valued at £750,000.
The development of two bespoke four-bedroom new homes in a highly sought-after location near Hyde, Greater Manchester marks an important next stage in the growth of NPC, which was founded last year by experienced construction manager Rick Parker. It is a project that enables NPC to expand its property portfolio at a time when construction across the UK remains heavily subdued following the coronavirus pandemic.
The acquisition of the Godley Brook Lane Site and its development has been made possible through funding provided by One Stop Business Finance, who have supported NPC on its previous two developments. Because of the way they operate, they have been able to continue providing much-needed finance to SMEs across the UK throughout the Covid-19 crisis, despite many lenders dramatically scaling back the availability of funding.
One Stop Business Finance’s experience and understanding of the rapidly changing circumstances that affect property development ensured it could adapt quickly to NPC’s requirements and help bring the deal to completion despite a sudden tightening in lending conditions by many of the larger lenders.
Director of NPC, Rick Parker said: “We’re thrilled to get the ball rolling on this development which is in a superb location that’s attracting a lot of interest locally. Despite the impact of the coronavirus pandemic, the housing market is still very active and there is still a pressing need to create high quality new homes, particularly in highly sought-after locations like our latest site in Godley.”
“It’s no secret that businesses have found it more difficult to access property development funding since the coronavirus pandemic hit. That’s why having One Stop Business Finance as our funding partner makes such a big difference, giving us confidence and certainty that any funding needs we have can be met quickly and professionally.”
“OSBF has provided essential funding to my developments that have allowed the construction phases of committed projects to progress and – crucially – this has released working capital that has allowed me to secure land for my future developments.
“Being able to maintain staged drawdown payments during exceptional recent times has also been really helpful, allowing the manufacture of key elements for the fit out items and construction works to continue. This has helped to keep my local suppliers and tradespersons in work, which in turn shall bring the end product of high quality new homes to the market on track with my original project timescales.”
Andrew Mackenzie, MD of One Stop Business Finance added: “We’re delighted to have been able to support NPC on its latest development during a difficult time for the construction sector. As Rick knows well, having funding available at the stages when it is needed, with the flexibility to adapt quickly when circumstances change, is so vital in successful property development. That’s why our ability to broker deals with numerous finance providers and from our own lending book is so beneficial and why we continue to work with so many developers like NPC.”
East Yorkshire based One Stop Business Finance provides secured loans from its own funding and through its network of finance providers for SME clients who are able to offer security for their debts. The company differs from mainstream banks by working to find tailored solutions for an SME’s particular circumstances, taking clients through a process to identify the most suitable and cost effective options and ensuring that responsible lending is at the heart of what they do.