Forward funding deal struck for Cumbria homes
Specialist property finance company PMJ Capital has agreed to fully fund the £1.35m build cost of the third and final phase of the Low Wood scheme in Casterton.
The scheme is being delivered by developer Waypoint Development and Construction and will comprise 20 homes once complete. It is located close to Kirby Lonsdale in Cumbria.
PMJ has been working with the developer for the past three years on all phases, which initially included the £1.8m acquisition of the former school that is being redeveloped into housing, in 2018.
Waypoint has delivered a total of eight homes at Casterton, which are all fully sold. The third and final phase of development is underway to produce 12 apartments and cottages.
The gross development value of the latest phase of development is £3.45m, and PMJ’s loan term is 15 months.
Tony Stubbs, managing director of Waypoint Development and Construction, said: “PMJ is a very supportive development partner. We have been working with the team for a number of years now and they have been an instrumental part of the development’s success.”
“Not only has PMJ provided the funding to enable us to start and continue work at Casterton, but its committed approach and support has provided that sounding board as we’ve developed the scheme.”
David Rainford, managing director of PMJ Capital, added: “From navigating a complex planning process and attention to detail in delivering a superb end product, Tony and his team have brought life back into the old school buildings and we look forward to sharing in his success across the final phase of this development.”