- 6 weeksFrom withdrawal to new funding
- 212Homes kept on programme
- £40mScheme value
When the senior funder withdrew three weeks before completion, we restructured the development agreement, brought in a replacement lender and kept the contractor on site.
The Challenge
Aldwark Homes was weeks from completing the financing of a 212-home mixed-use scheme on a former industrial site when its senior lender withdrew following an internal policy change. With the contractor mobilised and the local authority partner expecting a start on site, every week of delay added cost and put the planning timetable at risk.
Our Approach
Our real estate and finance teams worked in parallel. We renegotiated the development agreement with the council to extend key longstop dates without reopening the commercial terms, while preparing a finance-ready data room for alternative lenders.
We ran a compressed process with three debt providers, negotiated a replacement facility on substantially the same terms and restructured the security package so the contractor and the council could both remain in place.
The Outcome
The new facility completed six weeks after the original lender withdrew. The contractor never left site and the first homes are due for handover on the original programme.
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