28/10/2025
COMPLETION ALERT !
Last Thursday we completed a development finish and exit loan of for a new client of ours.
The loan was structured for our new client, Brent Peters (the world’s largest serving football manager since 1997), for his beloved local football team club Bacup Borough Football Club.
Brent approached Focus and John McNamara, as he needed funding to finish off the development of the football club’s old football club function room , to a much larger and extended new clubhouse and bar function room, after gaining planning approval to serve not only the local supporters at match games and functions , but to also serve the local Bacup Community for family functions and events as a community hub.
The challenge was not only to find a suitable lender for this quirky asset being a commercial football club, which was only 60 years left on a long leasehold, with the security was a part finished/built that needed to reach practical completion.
Focus took the challenge on a managed to source and obtain a development finsih & exit facility with the lender SDKA.
Focus also assisted the client who needed help and guidance by providing the following services to assist the funding requirement:
· Structured a schedule of works and costs cashflow to finish to PC (Practical Completion)
· Worked with his professional team to co ordinate what is needed to obtain PC (Practical Completion).
· Recommended a structural warranty provider for PC (Practical Completion).
· Recommended a fire risk assessment provider for the client for PC (Practical Completion).
· Recommended a competent commercial solicitor to act for the client for the finance.
· Start negotiations to extend the lease with the local council from 60 years that will be needed to secure the commercial mortgage exit.
· Source commercial mortgage terms for the commercial exit to refinance the development exit loan to a long term stabilisation loan.
·Focus delivered again quickly and efficiently, project managing the whole loan process from cradle to grave.
Focus would like to say thanks to Kunal Mehta (after a little persuasion), Sarah Cropper, Chris Edwards and Scot Tsang 曾兆麒 Tsang at SDKA.
Focus would also like to say thanks to Sarah McGuinness for acting on the client side and Luke Smyth at gunnercooke who acted on the lender legal side.
Any property developers out there who have part completed sites, or need extra funding on their projects due to cost over runs, please do not hesitate to call John at Focus on 0161 804 4950 or email [email protected] or Whats App me on 44 7418 0610436
