Garrett Manor

Close Brothers’ level of support represents 78% of costs with build costs equating to £104 per square foot. Our facility was utilised to fund 100% of the build costs and included an allowance for interest, with the balance of funds being used to reimburse an element of the purchase of the site.

The initial facility completed in September 2017, 8 weeks after the loan was approved at Credit Committee and the first build payment was made on completion. Monthly drawdowns are processed within 24 hours of receiving the report from our Project Monitoring Surveyor which is essential in helping Eccleston build so quickly. Our flexible approach in allowing the retention of sale proceeds has also assisted Eccleston in acquiring other sites for development.

The works are now complete, most houses have sold and our loan has been repaid.