Old Hall Barns, Towton, Tadcaster, Yorkshire

Date: 3rd Dec 2021

Location: Old Hall Barns, Towton, Tadcaster, Yorkshire

  • The total loan amount for the development: £2,818,706

The Client Brief

We were approached by a developer who had found it difficult to obtain funding after reaching out to a few investment companies.

The client required 100% funding to convert an 18th Century Model Farm into 9 dwellings over a courtyard. This was a very specialist barn and farm building conversion project, a real rarity. After meeting with us at Salboy Build Partner, the developer became our client. They realised we had full belief in their project and chose us as their best funding option.

Challenges

This was a very lengthy acquisition process, however, with a good set of solicitors we were able to keep the transaction alive.

The build was extremely technical with many unexpected issues; however, all were resolved thanks to our client’s vast experience in conversions of many types. Our client’s niche and extensive knowledge allowed them to advance on the build programme ahead of schedule.

Successes

The unique location made sales a tremendous success, with 75% of the properties sold within the first 3 months of construction. Small villages hold tremendous power as far as word of mouth goes, when a reputable developer and an ideal site are being proposed. A key factor for us agreeing to fund this build was its prominent location, with a golf course on its doorstep. We predicted that sales would not be an issue, we were right.