PMJ Capital has completed on a £1.6m development loan, for Crewe-based property development company – Muller Property Group. The loans have funded the construction of a retail development which comprises of a Costa Coffee drive through, Tesco Convenience store and a further two units, located in Sandyford, Stoke-on-Trent.
The funding package comprised of a development loan which funded 100% of the build cost with a GDV of 63% over a 12-month term, with the completed unit valued in excess of £2.55m GDV.
David Rainford, managing director at PMJ Capital, commented: “We have known the team at Muller for many years and have a built a strong relationship, funding numerous projects.”
“This latest scheme sits in a prominent location in the centre of the high street with easy access to major transport links. It has been a pleasure to be able to support Muller on this project.”
Phillip Johnston, finance and operations director at Muller added: “I’d like to extend my thanks to PMJ in funding this project. Their approach to lending is completely refreshing to others we have worked with.”
“We were delighted to sign up both Costa and Tesco as occupants at this scheme and look forward to finalising occupants for the two remaining units. The scheme will not only provide regeneration for the area but create many new jobs for the local community.”