Andy Stanbury, Director of Alburys Financials is delighted to announce the completion of a £2M Development Loan in trendy Peckham Rye.
Our Developer Client purchased the former bank without planning consent. After 6 months of dedicated planning work, the Client achieved the planning consent he sought which was to convert the building into 6 luxury flats and a beautiful penthouse.
We arranged a 55% LTGDV, 18-month term facility at 6.5% per annum, allowing for a 12-month conversion phase and 6-month sales period.
The exit route to be - sales.
Andy commented “Working with Ben is always a pleasure, he did exceptionally well working up the planning. What made his loan more challenging was sourcing a lender that was happy with the presence of an offshore investor as a 2nd charge.”
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.