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Home > Post > Clearwell secures 12-month extension for Fasanara Capital funding line

Clearwell secures 12-month extension for Fasanara Capital funding line

Clearwell Capital has extended its funding line with Fasanara Capital to September 2024

As recently reported in Development Finance Today, Clearwell Capital is pleased to announce it has extended its funding line with Fasanara Capital. This has been secured after a record August 2022 with the completion of £3.5m of loans across mezzanine, bridge to development and stretch senior.

Clearwell Capital completed £3.5m of loans across the month and its senior team anticipates a steady final quarter as rising costs cause project overruns and generate a need for developers to seek alternative capital.

The loans were made across the lender’s product range of mezzanine, bridge to development and stretch senior to cover new site purchases and to counter the rising costs of material prices and inflation.

Ed Marley-Shaw, Chief Executive, said: “A lot of schemes funded last year are coming to a close; it is at this point in the project it can become obvious that the original loan will not stretch to completion due to increased costs. Rising inflation and onsite costs are forcing developers to seek alternative capital to plug the gap.”

With a commitment to support clients across the whole project journey, Clearwell seeks early involvement and engagement at the first sign of a problem so it can be mitigated and parties protected.

Ed said: “Some developers hold back from sharing problems with their lender, yet the earlier these are identified, the easier it is to find solutions. Our ambition is to manage and realise the financial ambitions of all parties and this can only be achieved with early engagement.”

Clearwell first secured its funding line with Fasanara Capital in April 2021 and has recently set out its ambitions as a business to lend £100m to SME residential developers in the next 18 months.

Get in touch with one of our experts to find out how we can help you to secure development finance for your next project. We are industry experts specialised in the development finance sector and are happy to help however we can.

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