Digbeth was a large development of 314 residential units, retail space and car parking in the heart of Birmingham. The majority of the units were pre-sold on terms that allowed the borrower to utilise the deposits as equity in the deal. Having reviewed the contracts and obtaining an understanding of the legal obligations relating to these deposits, we consented to gearing against the buyer’s deposits.
Birmingham has seen unrivalled investment within the UK since 2007. There has been over £1 billion spent or earmarked across schemes on infrastructure, city park developments and public facilities, including the High Speed Rail (HS2). This is supported by Birmingham being used as a base for previously London-centric companies, such as HSBC announcing the move of their UK retail bank to the city.