Gloucester business completes £4m development deal in London
By Sarah Wood | 10th March 2023
Gloucester-based Blackfinch Property has completed a £4m development loan on 14 units in North London.
The development in Enfield will use a sustainability-led strategy to reduce the overall carbon footprint of the development by no less than 35%.
The 12-month deal will see the completion of six new 3-bedroom houses, eight flats and a social club, 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. The developer is committed to using locally sourced materials to reduce the demand for vehicles transporting goods to site.
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 deal is the latest to complete, following record growth in the last 12 months.
Last week, Blackfinch Property completed an £8.9m loan on 18 units in Haringey and Islington, North London.
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