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Funding delivered to complete spectacular lakeside scheme

26/05/10

Hollingworth Lake has always been regarded as a stunning area for walking and watersports enthusiasts and Higher Lakewood was acquired by Justin Stannard, a North West property developer who has many years experience as a landlord and property professional.

The scheme consists of 4 'high specification' properties, with beautiful views across Hollingworth Lake near Rochdale.

Bridging Finance provided a day one facility of £560,000 with further funds being released in stages as the build moves towards final completion. Short-term funding is the ideal solution for property developers wanting to raise capital to acquire a site and progress it in phases with funds being available at each stage and whilst this is not our core activity, this particular scheme was a great opportunity for both developer and lender.

The four sizeable properties are between 2,800 and 3,700 sq feet, with up to 5 bedrooms and 4 bathrooms. The setting is 76 acres of green belt land, with each house having its own acre and wonderful lake views.

All houses are being completed to the highest possible standards, with quality fixtures and fittings including solid oak floors and doors. They all have smart technology throughout including multi room audio, individual room temperature control, mood lighting, hi-tech security systems and CCTV.

Close attention has also been paid to using the latest eco-friendly heating systems with ground source heat pumps being used to heat the houses and the water. These environmentally friendly properties have huge benefits in saving on fuel bills and there's no need to use traditional gas or other fuels such as oil.

Chris Baguley, Managing Director of Bridging Finance, commented:

"This is another example of a stunning development in a beautiful location and we were pleased to provide the funds required to progress the properties to completion. Justin has a terrific track record in the sector and needed support to complete this great opportunity. With the houses being built to such a high specification and standard this is a great investment."


Justin Stannard said:

"Bridging Finance Limited came out to the site on the Monday and delivered their proposed funding package on the same day. They took a scheme with strong levels of equity and allowed it to be completed to the same exacting standards as all my previous developments. Their flexible and fast approach has secured the future of this high spec scheme. One property sale has already been subsequently agreed and there is positive interest in two of the other houses so I can see this being another succesful project."


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