£3.3M Development Refinance Loan consisting of 9 residential units and one commercial unit in East London

THE SCENARIO

  • The Development Loan that was in place had been extended several times and was due to expire again

  • There was a further time and cost overrun which the Client was unable to fund

  • The security was located in East London and consisted of 9 residential units along with a commercial unit on the ground floor

  • The security was 80% part-complete with 2nd fix and fit out required

  • Current value was £3.8m

  • Current debt was £2m

  • Remaining build costs and contingency were £750k

  • GDV was £6.4m

OUR SOLUTION

  • 12 month Development Facility

  • 1.5% arrangement fee, no exit fees

  • 0.75% pm rolled-up

  • £2.2m day one net loan to repay the existing Lender and provide a cashflow fund of £200k

  • £750k draw-down facility

  • Total facility of £3.3m

  • Completed in 4 weeks

    If you have any questions or wish to discuss any funding requirements then please don't hesitate to contact us, we’d love to hear from you.

CALL US ON +44 (0)1932 943020