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Magnet Capital Supports Completion of Two Detached Homes in Shrewsbury
Magnet Capital was delighted to support the completion of two detached five-bedroom houses in Shrewsbury for a repeat borrower.
A £500,000 development facility was provided to fund both the acquisition of the site and the construction costs of the two properties.
The client received ongoing support throughout the first COVID-19 lockdown, helping to ensure the project remained on track and was completed within the required timeframe.
The funding package included 50% of the purchase price and 100% of the build costs, providing the developer with the financial flexibility needed to deliver the scheme successfully.
Although the project had originally received a funding offer from Lloyds Bank, the client chose Magnet Capital due to our ability to provide a faster, more flexible development finance solution tailored to the needs of the project.
