£4.2M Development Loan for 4 luxury houses in Richmond
Andrew Stanbury, Director of Alburys is delighted to announce the completion of a £4.2M Stretched Development Loan.
Our Developer Client required a Stretched Development Loan to repay a Bridging facility, to fund 100% of the development costs and allow for interest roll up for the duration of the loan.
The scheme is for 4 beautifully designed luxury houses in Richmond.
We have structured a 70% LTGDV, 20-month Development facility at 8% per annum, giving our Client 12-14 months for construction and a 6-8 month sales period.
The exit route to be - Sales.
Andrew commented “Gearing was a key factor to helping our Client on this particular facility. Our Client is now ready and keen to get on site after 6 months of planning and its successful outcome….”
If you need any assistance with your requirements, please feel free to get in touch.