Hope Capital delivers £14m funding through hat-trick deal
Situation
Here at Hope Capital, we’re committed to forging strong relationships and delivering a continuous efficient service. One of our latest deals is a prime example of just that.
Back in 2021, we were approached by two ambitious investors, Mark and Harry Atkinson, who were looking to transform a vacant freehold former pig farm into twelve private dwellings. Planning was acquired, however they had three pre-sales for the first quarter of 2021, so the transaction was time critical. Therefore, the broker, Chris Johnson, was eager to find a lender who could not only provide the heavy refurbishment loan needed, but also someone who could be reliable to meet their desired timeframe. Our great relationship was established from then!
Throughout the deal, we worked with the borrower to ensure everything required was provided to secure this lucrative investment opportunity. Fast forward to a couple years later, Chris and the borrowers had a new investment opportunity. This time, looking to obtain the initial funding and the refurbishment facility to construct a former motel/restaurant into nine newbuild detached homes, enabling the client to successfully complete the projects.
Owing to how we assisted with their first project, it was a no brainer to turn to Hope Capital, where once again, we were able to deliver a solution. We’re pleased to say the works have now successfully completed and all the units have either sold or have sales agreed.
Following then, the borrower recently approached us with a brand-new project comprising building eight residential homes on a former farm.
Solution
On every deal, we were able to deliver various features to ensure each case would be delivered efficiently and in a timely manner. This included funding 100% of work costs in arrears and monitoring being undertaken by one of our established QS partners, who we worked closely with to ensure all information was accurate, helping ensure funds would be available without delay.
However, turning to the latest deal, expertise and service was paramount to once again ensure we could deliver the outcome they were looking for. We were able to provide the required facility at 70% LTGDV to complete the project within their desired timeframe. The even better news? As soon as we reached completion, the client received immediate drawdown of the works.
Result
From 3 deals, 1 broker and 1 borrower, we’ve proudly provided £14m worth of funding. This is a prime example of how delivering a good service complimented with a strong offering builds fantastic relationships.
It’s been a pleasure working with Mark and Harry over the years, and on behalf of the team, we would like to say a massive thank you to Chris Johnson. Having the opportunity to work with a local broker and borrower to help fund three fantastic developments in the NorthWest region is something we’re particularly proud of and we’d like to thank all of the other parties who have been involved throughout the various cases for their support.