Crystal Specialist Finance (CSF) and lender, Together, have announced the completion of a developer’s purchase and redevelopment of a £700,000 commercial site in Birmingham in just four weeks.

The specialist distributer’s client, a property developer, wanted to buy two warehouses and an office on the same site, refurbish the two existing units and build a new industrial unit at the back.

They were under pressure from the vendor who wanted a quick sale, CSF revealed, and the developer wanted to complete while waiting for approval from the planning authority to build the new unit.

CSF approached Together which had agreed a £472,500 bridging loan for the purchase to be replaced by a development finance facility to fully complete works before the whole site goes back on the market.

“To complete a fully commercial purchase of a multi-unit site in just four weeks in the current climate, including a new full commercial valuation and legals, is amazing,” said CSF group sales and marketing director, Jason Berry.

“I am hugely grateful for the effort and expertise demonstrated by everyone involved. The lender, client and solicitors have all been superb to deal with.”

Together commercial CEO, Marc Goldberg, indicated he was “delighted” his team had been able to provide the finance needed in the short timescale.

“It was fantastic that we could meet the ambitions of this experienced commercial property developer to seize an opportunity to expand his portfolio,” he said.

“We were able to instruct a valuation quickly and work closely with CSF, their client’s solicitor and our in-house legal team at Priority Law to get the best outcome possible.”

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