Planning for a good deal

Helping a developer to progress a new scheme

Firgrove Holdings Limited, which is based in Upham near Southampton, operates a range of companies within the land, property, funding and development sectors.

The company wanted to develop approximately £3.5m worth of office space but to progress the scheme it needed £150k to cover planning costs, architects’ fees, environmental reports, legal fees and working capital.

The new development, called The Dean, had been part-sold for £2.8m, subject to planning consent being approved. As well as building existing offices on the site, which were already occupied, the company had lodged plans to build a further six units to complete the scheme.

Reward Finance Group was introduced to Firgrove Holdings by Calvin Dexter, as its bank was reluctant to provide the funds it needed to obtain the planning and thereby realise the £2.8m.

Having worked with us on many occasions, Calvin knew we excelled in short term loans, such as this, and knew we would take a pragmatic view about the deal.

Our Business Development Director, Parisa Lian, quickly arranged to meet Mike Gould, the MD of Firgrove Holdings, and his team. She looked at previous developments, all of which were of high quality, and toured the proposed scheme.

She was impressed with the way they operated and, by using external assets as leverage, was able to move the deal forward by providing Business Finance of £150,000 within a short timeframe.

Mike Gould was delighted with the fast response.

“Having faced an uphill struggle to get the funding from our existing bank I was becoming very frustrated and somewhat anxious. If we didn’t get the money to complete the planning process, we could have possibly lost the deal,” he said.

“Both Calvin and Parisa quickly grasped the situation, saw the urgency and delivered the ‘short term’ funds without making us ‘jump through hoops’.”