London:
  • Finance:

    Hockley Mills, Birmingham

  • Loan Amount:

    £10m

  • Year:

    2019

  • Client:

    Blackswan Developments

  • Blackswan Developments is a dynamic property company that specialises in large scale PRS, mixed use developments and heritage sites.
  • Bridging finance was required to assist in the acquisition of Hockley Mills, a 4-acre site in Birmingham’s Jewellery Quarter that Blackswan had acquired subject to planning in 2017.
  • The development will consist of 6 unique residential buildings comprising of circa 390 units, each with their own style and design, and a 7th office building. The development will house a collection of bars, restaurants and retail, all finished to a high specification.
  • The value of the property with the benefit of planning had risen substantially from the initial purchase price and whilst the LTV of the facility we delivered was modest the LTC was extremely high.
  • We also negotiated the flexibility to allow site enabling works to be undertaken during the loan and prior to development commencement.