Alburys Property Finance is delighted to announce the completion of a £24M Development Exit Loan in Surrey
THE SCENARIO
Our client, an experienced Property Developer, had completed a luxury scheme of 57 houses and flats in Surrey using senior and mezzanine funding. Having sold over 50% of the scheme they were left with 25 units with just the expensive mezzanine funding outstanding.
SECURITY
A mix of 25 luxury houses and apartments (Original stock being 50+ units).
REQUIREMENTS
To refinance the remaining 25 units onto a much more cost-effective development exit finance package.
OUR SOLUTION
Security Value £40M
Gross Loan £24M
LTV 60%
Rate 3% + SONIA per annum
12 months term extendable to 18 months
Interest - Fully Retained
Exit - Sales
Cash release to our client on each sale once an LTV hurdle achieved
These are details of a previous deal we have helped our Client with. Any rates or terms expressed in this case study were specific to those clients’ circumstances and may not be available now. Therefore, any terms or rates offered to you may differ and will be subject to status.
If you have any questions or wish to discuss any funding requirements, please don't hesitate to contact us. We'd love to hear from you.