Magnet Capital completes £1m loan with prolific developer

Five x four bedroom detached Lincolnshire houses funded by Magnet Capital in under a year.

Magnet Capital has recently completed its fourth scheme with highly regarded developer Quadring Developments Limited. Magnet Capital provided a facility of over a £1 million with an initial facility of £155,000 plus £840,000 to be released in build stages.

Given our longstanding and excellent relationship with the client Magnet Capital agreed to increase the loan by £72,000 to assist the client with the deposit on a new scheme he was purchasing. Further, an additional £50,000 was agreed on the spot and funds released the next day following a site visit from Co-Chief Executive Sam Howard to assist with cashflow.

Sam Howard Co Chief Executive, “As a specialist development finance lender, we are laser focussed on building long standing relationships with our clients and proving time and again our added value.

This was a great demonstration of our ability to work closely with the client and provide them with the funds they needed to complete their project as quickly as possible and move on to their next site. The key as a lender is to be truly flexible in response to events on site and to make the client’s life as easy as possible”.

Andy Hubbard, director of Quadring Developments Limited, is a renowned respected property developer and mentor. He noted:

“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, completion and in the procurement of our next site.

Working with Magnet Capital has always been a personal service since meeting them at their offices to discuss our first development and longer term goals within the business.

Sam Howard always checks in to see if we are okay and to see where they can help us best moving forward in our pipeline of deals as they fully understand how the flow of money in developments can restrict or grow a business.

I’d highly recommend Magnet Capital to any developers just starting out on their first development to existing companies that prefer a more personal service or want to grow a significant pipeline of deals and have the ongoing support from your lender.”