£10.4m Loan for 23 Apartments and 6 Town Houses on the South West Coast
Have planning permission, but not the required funds? That was the case for this client when they came to us seeking a full development loan.
Loan Size: £10.4m
Location: Southwest Coast
Loan Type: Development
Security Type: Land with planning
Term: 24 months
About the Deal
A client approached us having bought a site and obtaining planning for 23 apartments and six town houses, but the current lender they were with was unable to provide a development facility which would allow them to complete. We were instructed to find £2.1m to clear the existing lender and supply the full development loan.
This was the client’s first development of this scale, so sourcing a lender who understood the project was paramount. Delays and restriction during the covid pandemic also meant sourcing contractors who could deliver on time, and without increased costs, was important to build out this superb development on the southern coast.
We were able to source finance to completely repay the existing loan and provide full development funding for the client to complete the project.