Cornerstone Commercial Finance and Monmouthshire Building Society have been working together to complete a £4.26m Property Development Loan allowing X-Stream Developments Ltd to proceed with a multi-unit development in Penarth.
The development is set to bring 21 new apartments to the area and will be built on the site of an old garage.
Dawn Gunter, Chief Operating Officer at Monmouthshire BS, commented,
“As a mutual society, putting the needs of our members first is at the heart of everything we do. We're here to support our personal and commercial members with their financial aspirations. This is what we do best and have been doing for over 151 years.
We have been delighted to work with Cornerstone Commercial Finance to find solutions to development finance problems faced by clients and look forward to continuing to do so on future projects.”
Jamie Ringer, Sales Director at Cornerstone Commercial, commented,
‘The Monmouthshire and Cornerstone relationship works well, with each business understanding the needs of customers, ensuring a timely and bespoke finance solution.'
Direct access to Monmouthshire's intermediary and experienced underwriting team has been invaluable to Cornerstone Commercial finance.
Development Finance Specialist Ken Davies certainly appreciates its importance, commenting,
“Working together with everyone at Monmouthshire has been fantastic. It is refreshing to work with a lender that takes a sensible approach to lending and look at each case on an individual basis. Even down to the client meeting with the lender. This is something that used to happen as a matter of course but has become a rarity in our increasingly digital world. Being able to speak directly to the people involved in each case helps speed up business, resulting in happy clients all around!'
Xavier Rush, Managing Director of X-Stream Developments Ltd agrees,
‘The service I received throughout from Cornerstone Commercial and Monmouthshire was excellent. Knowing that both parties were working closely for my benefit certainly made the situation a lot less stressful'.
The development is set run over the next 18 months, with the apartments available by the end of 2021.