Julian King, Director within the structured finance team at Arc & Co. has secured a £5.4m loan to further support the growth of his clients Farleigh in their expansion within Central London. It is the third development that Arc & Co. have supported Farleigh on as they expand their output of developing residential lead schemes across London and the South East.
Julian King said, “It’s a pleasure working so closely with the team at Farleigh and to see their company grow from strength to strength. They have a very strong product in todays demanding residential market and know exactly how to deliver it on time and on budget, further proven by the record sales achieved on each of their sites”.
The £5.4m development loan was provided by HTB in under 6 weeks, to aid with the site purchase in the borough of Southwark and for the construction of 9 units. The development made up of 6 apartments and 3 town houses located within walking distance of the City and the mainline railway stations of London Bridge. The scheme has a GDV in excess of £8.5m and will complete in spring 2023.
Will Powell, Lending Director at HTB said “‘It is always a pleasure dealing with the team at Arc & Co. and our latest completion of a well-designed scheme of houses and flats for Farleigh is an excellent example of the quality of business in the market at the moment. Farleigh are a returning customer of the bank and the loan was drawn down under exacting time pressures owing to the structure of the purchase agreement.’
Arc & Co. continue to support the growth of Farleigh as they secure further sites to facilitate their 2022/23 pipeline, working together to meet their funding requirements to appropriately structure the funding required from their corporate strategy.
Robert Mulligan, co-founder of Farleigh said “Working with Arc & Co. has given us the confidence to build on our success in Bath and Bristol, and to focus on growth in London and the South East. Julian’s in-depth knowledge in development and structuring debt, coupled with his relationships in the lending market has enabled us to partner with some of the industry’s best lenders. We see them as an extended part of our own team, they know our model and how we like to structure things as well as having their finger very much on the pulse of the debt market which in the last few years has been a changing marketplace. We are looking forward to seeing this latest acquisition come out the ground Q1 2022.”