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10a Sedgley Avenue Nottingham
Patroclus Ltd is a full service design and management company who operate nationwide, specifically focusing into areas with high student areas. The specialise within the HMO and student accommodation space predominantly with the clear goal of providing their clients with a superior standard of living.
The company has gone from strength to strength since its inception in may 2016 and now operates a growing portfolio which has seen a consistent increase in turnover year on year. This latest investment was an opportunity for the company to consolidate their position within the Nottingham HMO sector.
As with many property portfolio liquidy can be a hinderance when look for finance to secure the next opportunity quickly. Sedgley Avenue Nottingham provided such a situation where the company needed to raise fund quickly for the purchase of this rundown storage and garage premises which they wanted to re-develop into 6 bedroom HMO.
Patroclus approached Mint Bridging looking for funding options and help with efficiency being a key concern, following conversations regarding the current business, it financial situations, it’s recent history and future plans we were able to provide a number of funding solutions.
With the plans to purchase the property via the loan and develop the project using their own funds Mint were able to provide funding within……….. and once the finance was deposited by Mint the company quickly purchased the property and began their 14 month development of the site in Nottingham.
In short through discussing their needs with Mint Patroclus were able to find ideal solution that met all of their key timescales so that the company could continue their impressive growth and plans for the future.
“Our client had funded their development with a well-known bridging lender. The development of apartments were all completed and on the market for sale but the current lender refused to extend the term and instead was threatening an LPA receiver. We successfully worked with Mint to refinance the loan, providing our borrower with enough time to sell the flats and realise their profit.”