Completion on a £2M Development Loan in Peckham Rye
Andrew Stanbury, Director of Alburys 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.
Andrew 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.”
If you need any assistance with your requirements, please feel free to get in touch.