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Magnet Capital Completes £1m Loan with Prolific Developer
Magnet Capital has recently completed its fourth scheme with the highly regarded developer, Quadring Developments Limited.
Magnet Capital provided a facility of over £1 million, consisting of an initial advance of £155,000, plus a further £840,000 released in staged drawdowns throughout the build.
Thanks to our longstanding and successful relationship with the client, Magnet Capital also agreed to increase the loan by £72,000 to assist with the deposit on a new development site.
In addition, a further £50,000 was approved on the spot and released the following day after a site visit from Co-Chief Executive Sam Howard, helping the client manage project cash flow.
"As a specialist development finance lender, we are laser-focused on building long-standing relationships with our clients and demonstrating our added value time and again.This project was a great example of our ability to work closely with a client and provide the funding they needed to complete their development as quickly as possible and move on to their next opportunity.The key as a lender is to remain genuinely flexible and responsive to events on site, making the client's life as easy as possible throughout the process."
Sam Howard
Co-Chief Executive, Magnet Capital
"Having worked with Magnet Capital on several of our development sites before, they have once again worked very closely with us from the initial purchase of the site, through the drawdown process, project completion, and the acquisition of our next development. Working with Magnet Capital has always been a personal service, dating back to when we first met at their offices to discuss our initial development and our long-term business goals.Sam Howard regularly checks in to ensure everything is progressing well and to understand how they can best support us moving forward with our pipeline of projects. They fully understand how cash flow impacts a development business and how it can either restrict or accelerate growth.I would highly recommend Magnet Capital to both first-time developers and established companies looking for a more personal service, ongoing lender support, and assistance in building a significant development pipeline."
