Gloucester's Blackfinch signs off £4m deal
By Simon Hacker | 17th April 2023
Gloucester-based Blackfinch Property, part of the Blackfinch Group, has signed off a £4m sustainability-led development deal in London.
As a rapidly growing agile lender in the UK Property market, Blackfinch Property completed the £4m development loan on 14 units in Enfield, North London, which will use a sustainability-led strategy to reduce the overall carbon footprint impact of the development by no less than 35%.
John Hartigan, Investment Director at Blackfinch Property, said: "Having funded another project with this experienced developer, we were delighted to support the borrower on the Enfield project, who had themselves taken over the project from a previous developer.
"Our in-house legal team helped resolve the increased complexities that arise with funding a part-built development, particularly one that had originally started a few years ago."
This 12-month deal will see the completion of six new three-bedroom houses in addition to a further eight flats and a social club on the ground floor, after the project was taken on part-completed by a new developer.
The sustainability-led strategy includes several initiatives that will benefit the environmental impact, with the developer committed to using locally sourced materials to reduce the demand for vehicles transporting goods to site.
A spokesman said: "There will also be a green roof design, which will aid insulation as well as support biodiversity, alongside secure bicycle sheds and electric car charging points."
Blackfinch Property, part of Blackfinch Group, an investment manager committed to helping individuals, businesses and communities to thrive, considered the deal as an opportunity to provide energy efficient properties.
Mr Hartigan added: "Blackfinch Property takes a pragmatic approach to lending, seeking to find innovative ways to work with developers to complete a project and realise the real estate's full development value."
This deal is the latest to complete, following a record amount of growth in the last 12 months, which has included the launch of several new products. Last month, the company completed an £8.9m loan on 18 units in North London, its fourth buy-to-let loan to be completed in quick succession since February.
Blackfinch screens all investment opportunities against criteria that will deliver Environmental, Social and Governance (ESG) benefits.
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