Reward Funding has provided a six-figure bridging facility to Dusk Property to support the acquisition of development land in North Yorkshire, enabling plans for two new residential plots.
The funding, introduced by broker Tim Wilde of BSH Consulting, will finance the purchase of the Boroughbridge site following Reserved Matters planning approval. Reward is providing the acquisition funding alongside additional investment from the developer.
The latest transaction gives Dusk Property the speed needed to secure the site while providing a bridge to a bespoke long-term development finance facility.
The business is led by Adam Cliff, who has a building surveying background and has completed and sold three residential developments over the past five years with support from his father, Andrew Cliff, an experienced chartered building surveyor and property developer.
Andrew Cliff has worked with Reward on several previous transactions, providing professional advice and appraisals on projects funded by the lender, helping establish the relationship that led to the latest deal.
TIMING AND SPEED
Adam Cliff (main picture, right), director of Dusk Property, says: “We had a strong opportunity arise, so timing and speed were two very important factors for us with this project.
“We know how Reward operates and had the confidence that they would be able to deliver what we needed, when we needed it. Having worked with the team previously, there was an established level of trust and understanding which helped to make the process straightforward and efficient.”
Antony Cope (main picture, left), client relationship manager at Reward Funding, adds: “This deal is a great example of how strong relationships can help to create better outcomes. Experienced property developers are increasingly looking for funding partners that can access opportunities quickly and provide certainty around delivery.
“Pair with this the increased need for flexibility that we are seeing from more clients, and it really brings to light why a funding partner that can move decisively when timing matters is key.”
Reward says that the transaction reflects growing demand from developers for flexible short-term finance to secure opportunities quickly before moving onto longer-term development funding.
