Primesite Developments has enlisted Amicus Property Finance to enable the advancement of its two flagship Liverpool projects - The Rise and Strand Plaza.
A £12m development finance deal was agreed for Strand Plaza and a £4.5m facility was agreed with Amicus to enable he purchase of The Rise.
The Strand Plaza agreement surpassed the normal lending criteria parameters that Amicus operates in as the deal was completed in four weeks from application to fund draw down.
Both funding deals were agreed at an LTV of 70% with a payback period of 12 months.
Dave Farbrother, finance director at Primesite Developments, said: “The speed of the deals really impressed us.
“This meant that we could execute our strategy in a timely manner to maximise the return on investment.”
Simon Chapman, business development director at Amicus, added: “These two projects with Primesite Developments highlight the main reason these significant Liverpool City Centre developments were able to complete in the shortest possible time: the relationship we developed with Dave and his team from the outset.
“The South East is no longer the only area in the UK that is offering developers exciting projects and we look forward to working with Primesite Development on many more sites around the country.”
