CPS overturn Development stalemate
A MAJOR capital fund being managed by Belfast-based estate agents CPS Property could change the face of incomplete development and overturn the risk of repossession.
CPS Property launched The Omega Fund to support property developers in Northern Ireland in need of financial assistance. The fund addresses a gap within the NI market place as identified by CPS Property; designed to add liquidity to the stalemate that developers may find themselves in whilst seeking finance to develop residential and development markets.
It is being delivered by CPS, with backing from a group of institutional and Northern Ireland-based private investors and addresses the lack of availability to working capital. It aims to promote the reinstatement of development to assist the shortage of social housing.
Unsecured loans are available worth between £500,000 and £2.5 million from a total fund of £30 million. Funding should be used to develop property on existing land already owned by the developer and is dependent upon exit strategy and projected market value.
The fund will enjoy significant flexibility in terms of loan structures. At this point in time, there is no end date for applications. If CPS believe an applicant is suitable for investment, then the applicant will receive guidance regarding funding options with a decision being made within 10 working days.
For further information, visit the CPS Property website.