SOUTHAMPTON brokerage, NM Property Finance, has negotiated speculative residential development funding for its London clients, Compton (UK) LLP, for a stunning development of six luxury homes at Compton, near Winchester.
The project will have a combined end value of £6.5m.
Nigel Morgan, who is the principal of NM Property Finance, said: “We are very pleased to have organised this funding at such advantageous terms in a very difficult market.
“Our success clearly demonstrates that, for first-class projects such as this, in prime a location, for experienced borrowers, the banks are being supportive.
“In fact, we had two major lenders competing to provide us with the funding.”
The development will comprise the three six-bedroom detached houses, a five-bedroom barn-style detached house and two two-bedroom terraced homes nestled in a mature two-acre site overlooking farmland.
Construction work has already started and is expected to be finished by next February.
Tim Langley of Compton (UK) LLP says “We are very pleased that NM Property Finance were able to secure such competitive terms for us in refinancing this development, which we calculate should save us about eight per cent of the financial cost of the project.”
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