BUSINESS & FINANCE
PROSPERO FINANCE :
HELPING CLIENTS FIND THEIR WAY THROUGH THE SPECIALIST FINANCE MARKET
As the name implies , the specialist finance market is not an arena to enter without the highest level of knowledge and experience . Too many property investors find themselves paying higher finance costs than they should be , or worse still , in the incorrect type of finance when purchasing or refinancing their next property development project with no way to get out of the finance deal . It is critical that anyone looking at this type of finance should have the correct finance broker in their corner , which is where Prospero Finance are making a name for themselves , both with clients and lenders .
The business was started in 2016 by Martin Smedley , a finance broker with over 30 years ’ experience and James Relph , owner of a wealth management business , with an idea to provide mutual
services to their wealth management clients , whilst looking to establish a name in the property development arena . The team at Prospero Finance very quickly built a reputation for helping their clients achieve the most suitable type of finance for their project , which has helped them become preferred partners with a number of lenders , in particular the more specialist lenders .
The specialist bridging finance team at Prospero Finance are able to arrange some of the best value , bespoke bridging facilities in the market . In addition , they are able to arrange the exit on the bridging loan where required , often on bespoke terms not widely offered throughout the market , giving their clients the peace of mind of having an exit option set up prior to completion .
One of their latest deals saw an investor remortgage two existing properties , both valued at over £ 2M in order to raise equity to allow them to convert an old assembly hall into flats . Both of the existing mortgages were already with a specialist lender who would only deal with a broker that had the appropriate level of expertise to ensure the deals completed quickly .
The relationships that they develop with their clients means that they are now seen as the ‘ go to ’ broker of choice when clients require specialised finance . This ongoing relationship was highlighted further when an existing client , fresh from receiving 100 % funding by using additional security to acquire a mixed use commercial property with a plan to convert the whole building to self-contained residential flats has now returned with an even bigger project that requires finance to build 72 homes .
Although the bridging and development finance is a large part of their business focus , Prospero Finance can also help clients with Buy to Let , House of Multiple Occupancy ( HMO ’ s ) and residential mortgages .
If you wish to find out more about how Prospero Finance could help you obtain the correct structure for your next development or purchase finance , please contact enquiries @ prosperofinance . co . uk
144 The Art of Luxury Issue 48 2021