Case Studies

£2.3M Development Exit and Refinance for South Luffenham Watermill Conversion in Rutland

Product Type: Development Exit and Refinance
Location: South Luffenham, Rutland
Loan amount: £2.3M

The Scenario – A Landmark Conversion Ready to Move On

Our client had taken on something genuinely special: a former watermill in South Luffenham, Rutland, refurbished to a high specification and converted into residential homes, alongside two further houses in an adjacent former pub. With the scheme largely complete and units already selling, the client needed to move the finished development onto the right footing rather than stay on the funding that got them there.

The Challenge – A Deal That Kept Changing Shape

This was not a straightforward refinance. The client needed to release capital and transfer ownership between two limited companies while the remaining homes continued to sell, which is a lot of moving parts for any lender to hold together. The complication came mid-process: as the case was being underwritten, two of the apartments went under offer and had to come out of the security, which meant the terms had to be reworked without the whole deal unravelling. A rigid lender would have struggled here.

Our Solution – The Right Lender for a Moving Target

NM Finance placed the case with a specialist lender able to adjust the facility as the securities changed, and the refinance completed at £2.3m. As our Director Max Mace put it, "given the evolving elements of the deal it was essential that we were able to work with a lender who could make major adjustments to the terms of the loan without derailing the deal." The result gave the client the capital release and the flexibility they needed to see the development through to full sale.