These deals have given us a wealth of experience and understanding of our clients’ situations, on top of the management team’s combined experience of 60 years. In many cases speed of execution is paramount. Our streamlined processes allow us to provide fast turnarounds even on complex deals and our unique capital base allows us to the flexibility to analyse deals differently. By balancing the probabilities of a range of possible outcomes we can offer bespoke, innovative solutions to borrowers where a metric-driven approach cannot be as effective.
Here is a funding example below which reflects an ongoing client relationship throughout a project lifecycle.
Property development finance case study: Broadoaks office building, Solihull
- Site: 3.4-acre site, Broadoaks, Solihull including a 84,000 sq ft office building
- Loan type: development
- When: April 2020
- Amount: £17.7m
- Borrower: Investin Plc and Bespoke Construction
- Term: 12 months
- GDV: £27m
- LTGDV: 66%
- Requirement: ASK had already provided an initial loan of £10.15m in July 2019 to provide time for the Borrower to appraise the optimum scheme for the site. Once a permitted development scheme was finalised, ASK lent 100% of construction costs to build out phase 1 (approximately half the office block) into 83 residential apartments. ASK provided this facility at the height of the first national lockdown
- Outcome: Despite covid, the scheme was completed on time and on budget. Covid has accelerated the trend for migration to second cities and Birmingham in particular. This development is well-located and the apartments are now almost all sold. ASK is now funding phase 2 of the scheme (a further 83 apartments and nine town houses)