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  • Writer's pictureDan Luxon

£4,000,000 development loan for complex residential scheme in the South West.

 

Salston Manor aerial view

Manor House refurbishment and TownHouse scheme.

Development finance loan of £4,000,000 through Paragon Bank for the refurbishment of an existing grade two listed Manor house into 11 x 2 and 3 bed luxury flats. Plus the erection of 13 town houses in the immediate surrounding grounds.

 

The Story of the Manor.

Originally an 18th century farmhouse, grade two listed Manor House was extended and rebuilt in Elizabethan style in 1845 by William Hart Coleridge, nephew of the poet Samuel Taylor Coleridge. In the 20th century it became a hotel and was the birthplace of the world famous Donkey Sanctuary.


The Manor has now been substantially rebuilt, extended and redeveloped as 11 beautiful apartments with a further 13 new houses discreetly located within approximately four acres of managed private grounds and a woodland.

 

Funding and the problems we faced.

Being part-refurb of a listed building and part-ground up development, finding a flexible lender that understood the scheme and its complexities was imperative. The impact of Covid-19 and some serious challenges with the local planning department throughout the funding process, meant that constant liaison and updates for the lender was needed and an intimate understanding of the complexities surrounding both the construction and the approved planning was required.

 

How we overcame the challenges.

Our client needed a flexible lender that understood the complexities of the development challenge and could see the vision of the beautiful build that is now nearing completion. This meant presenting, packaging and explaining comprehensive information not only about the client and the scheme, but detailing construction, planning vagaries, constant updates and guidance to get this deal over the line.

 

The end result.

Being heavily involved in enabling a fantastic scheme and bringing to fruition this incredible development that does justice to a beautiful landmark building and enhances the immediate area, is what it is all about!


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