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Forward advise Jordan Inc Limited on raising development finance from easyMoney

3rd December, 2019


We are delighted to have assisted Mike Kirkham, owner of Jordan Inc Limited on raising development finance for 315 student dwellings at Rivermead North Industrial Estate, directly adjacent to Anglia Ruskin University in Chelmsford, at property previously occupied by EDS Engineering Limited.

 

The development facility provided by easyMoney, a peer to peer lender and part of the easy® family of brands was led by Jason Ferrando, George Allen and Andrew de Candole. The team at easyMoney have created a fast paced, repaid decision-making platform and despite a number of challenges to overcome with many stakeholders involved, they delivered on their commitment.

 

A serial entrepreneur, Mike has worked with Forward Corporate Finance on a number of previous transactions including the sale of EDS Engineering to MEL Group, raising bridging finance for the acquisition of the Curve from City & Country and the recent acquisition of Chelmsford Accident Repair Specialists from Jason Rickett. This development finance was the last piece of the puzzle to enable the student accommodation to proceed.

 

Mike Kirkham commented “This day is the culmination of many years of work on my vision to acquire the land and businesses at Rivermead Industrial Estate, achieving planning permission for the developments and finally being able to get on with the student development itself, the part of the project that I feel most comfortable working on! Without Rob at Forward or the work of Birketts to negotiate and document the various parts of the overall transaction, I would not have got to this point.

 

Jason Ferrando, Head of Lending at easyMoney said “As soon as I visited the site, met Mike and Rob, we could see that this was a great opportunity. The initial loan enables Mike to take full control of the land at Rivermead Industrial Estate and the development facility will enable the construction to move at a pace to cater for the huge demand in student accommodation in Chelmsford for both Anglia Ruskin University students, and beyond with the excellent commuter links to London from Chelmsford.

 

Rob Smith, Director Forward Corporate Finance added “It is difficult to write succinctly about a transaction that I have been working on for quite a period of time, and that has so many different stakeholders and the challenges that comes with it. To have the final deal in place is testament to the effort that has gone on here, the determination of Mike to complete the deal and the hard work all round from professional advisors and lenders on all sides of the deal.

 

He added, “There are many other colleagues, friends, and advisors around this transaction who have helped shape this deal and keep me on track as the going got tough on many occasions – and it is with all of your continued support that we at Forward are looking towards the end of our third year in business, packed with deals that are hopefully less complicated but just as much fun!

 

Jordan Inc Limited was advised on the legal aspects by Adam Jones, Matt Grindley and Devreaux Gravell at Birketts. easyMoney was advised by Caroline Fitzpatrick at Cavendish Legal Group.