District & County Investments has completed a £2.95m net bridging facility to support the regeneration of a brownfield site in Liverpool city centre.
The planning bridge has been provided to a developer progressing a scheme that will deliver more than 150 apartments in Liverpool, while Building Safety Regulation requirements are discharged ahead of a planned exit onto development finance.
District & County Investments (DCI) said it was approached on a tight timeframe and completed the transaction within 14 days of credit approval.
The borrower is described as an award-winning local developer with experienced sponsors and a track record of delivering residential schemes.
According to DCI, planning bridge finance can help developers acquire or refinance consented sites while they complete the technical work required before moving onto a development finance facility.
Michael Clifford (pictured), commercial director at District & County Investments, says: “We are seeing more and more developers face post planning delays, and our planning bridge finance can help them acquire or refinance a consented site while they progress the technical work needed for a development finance exit.
“In many cases, developers are being asked to commit more capital after planning permission has been granted but before a development finance facility is ready to drawdown.
“However, our experience and net lending model enabled us to make a straightforward lending decision and provide funding quickly.”
The lender said its net lending model and experience in the sector enabled it to reach a lending decision and provide funding within the required timeframe.
