PMJ has assisted developer Beluga Projects on its plans for a Build to Rent scheme in Sheffield.
PMJ Capital has provided £180,000 funding to cover the costs of planning and options for the Build to Rent scheme in Sheffield – the fifth project they have supported Beluga Projects with. The funding from PMJ Capital was based on due diligence to establish what the chances were for planning approval.
PMJ managing director David Rainford commented: “Our decision to assist Beluga with this unconventional basis of support was also influenced by their track record with us on other similar transactions and the experience of the professional team engaged on the project.
“PMJ prides itself on understanding and building relationships with clients who value our quick decision making and pragmatic approach to lending, and this project firmly shows our flexibility and ability to tailor bespoke funding packages.”
Put together in two weeks, PMJ are taking a charge on the contract/option on the site. The exit or repayment of the loan will be from either a sale with planning, or to develop the site under a forward funding agreement.
The site is a five-minute walk from Sheffield city centre and will consist of 52 Build to Rent homes – 34 one-bedroom and 18 two-bedroom apartments. Mowat Planning and Development Consultants have submitted plans for the site – working with Niemen Architects.
Paul Duffy managing director of Beluga Projects added: “We are really excited to be developing our first project in Yorkshire and submitting detailed planning during lockdown is a huge testament to the team for this exciting scheme.”