DEVELOPMENT AT FOSS PLACE, YORK
CapitalStackers have completed a £2.25m loan to Norstar Limited to fund the purchase and development of a residential block of 24 units in an impressively short time.
The development at Foss Place, Foss Islands Road, York, YO31 7UJ has a projected Gross Development Value of £3.2m. CapitalStackers were only engaged to fund the development on 5 November 2015, with completion taking place just 14 days later on the morning of 19 November 2015.
Steve Robson of CapitalStackers commented: ”This is a huge milestone in our development and singles us out from the competition as being able to perform quickly, efficiently and professionally as circumstances dictate. Working closely with our investors and professional advisers to deliver the whole package within an incredibly tight timescale is a fantastic achievement all round.”
CapitalStackers were advised by a team from Taylors Solicitors, comprising Matthew Catterall, who advised on the banking and security documents; Angela Bhaseen, briefing on property matters, with Alaisdhair MacPhie consulting on specialist construction issues and collateral warranties.
Matthew Catterall, of Taylors added, “We are delighted that CapitalStackers have completed another significant loan to fund an increasingly confident development market. This loan demonstrates not only the confidence of developers in raising finance but also of investors in their willingness to fund real estate through CapitalStackers’ peer to peer lending platform.”
CapitalStackers use their real estate funding expertise to bring together developers and investors, presenting a borrower's deal to a much wider audience. The Foss Place opportunity provided investors with returns ranging from 8.5% to 23% depending on their choice of risk band. Investors are able to access detailed appraisal, valuation and legal due diligence information through a dedicated data room.
Taylors is a boutique commercial law firm specialising in all aspects of company law. The dynamic and highly experienced lawyers at Taylors are committed to providing the highest quality service through a real understanding of our clients’ needs, business priorities and specific requirements.
Norstar Limited were advised by Mark Lazenby and Michael Shuker of Square One Law LLP