Gethar Ventures bought the Grade II listed Sutton Coldfield Council House from the council in July 2014 and drew down the loan facility in February 2015. Over 50 per cent of the 18-apartment development has already been sold.
Gethar used broker ACDS Consultants to source funding for the project.
Ajeet Karandikar, Director at ACDS Consultants says: “The deal was fairly complex as Gethar were buying the property from the council, which meant there were certain caveats, such as the property needing to retain the historic façade. Aldermore was very accommodating of requests and variations that came through during the process.”
Anthony McCourt, Director of Gethar Ventures, says: “It has become easier to get funding in the past two years but the price of the funding can be varied. Getting the right cost of money from the right sort of provider remains challenging.
“Aldermore’s team have been very quick to deal with any issues and it’s nice that they have been as excited as us about the development. I can honestly say Aldermore has been a pleasure to work with and I could definitely use them for future projects.”
Simon Knowles, Head of Property Development at Aldermore says: “Access to development funding still remains a challenge for many SME developers, especially outside of London and the South East. This has been an interesting and exciting development to be involved with and I’m glad we were able to help Anthony and Gethar Ventures to get this project off the ground.”
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