Close collaboration produces community regeneration
Amicus Property Finance continues to fund developers breathing new life into our town centres
Amicus Property Finance collaborated closely on a year-long project with Smith Homes - experienced property developers with a reputation for working well with local authorities, lenders, valuers and lawyers who understand the development sector.
They needed a funding line for Permitted Development Right (PDR) in three stages: a day-one drawdown, a cash flow facility during the 12-month period of development and a further advance facility as the project progressed.
The Miller Heights project was located in a particularly run down area of Maidstone town centre. It offered the opportunity to convert 65 former office units into 123 one and two bedroom apartments.
Artist Impression Miller Heights, Maidstone
With ambitions to capitalise on the greater freedom offered by PDRs, Smith Homes needed to partner with the right lender. The major challenge with a project of this size and complexity was to ensure funds were fluid and arrived promptly, so as not to stall the building schedule.
This was the first significant case for Amicus's new in-house Quantity Surveyor (QS), Cedric Houghton-Brown, and it was vitally important that the relationship between QS and developer was a good one.
Barry Merner from Smith Homes had this to say about how Amicus Property Finance delivered to his expectations:
Amicus are a godsend to a developer like Smith Homes. A developer converting a former commercial unit into 123 domestic living units over 11 floors needs to be up close and personal with the site QS and so without doubt the Amicus decision to invest in somebody with the experience of Cedric Houghton-Brown was a wise decision, he understands how a building site works, something that is not always the case with short-term development funders.
Obviously the Amicus valuer still plays a vital role and the relationship that Amicus has with Arwel Griffith and his team at Robert Sterling brings extra benefit to a developer who appreciates the value of regular contact and constructive on-site meetings.Barry Merner
The Miller Heights project was completed on schedule and eventually included off street parking and a private gym for residents. The quality of the finish, the proximity to the town centre and the ability to purchase units as they completed made Miller Heights an attractive proposition for first time buyers. As occupancy grew, previously empty retail units re-opened their doors and the area is now getting back to being a thriving inner town area.
Barry went on to say:
Amicus are filling that void left by the mainstream lenders since the recession. They know their business and are not nervous about committing to a well-planned project and understand that a developer must be confident that their cash flow will not be jeopardised.
We are already on with our next project with Amicus and confidently expect a similar successful outcome.
If you're a developer and you'd like to know more about what we can do for you, get in touch.
Visit our lending page for more Amicus Property Finance development case studies.