65% Loan to GDV
Interest Rate 1.2% per month, rolled up
2% Arrangement Fee
1.5% exit fee
No valuation report required
Our experienced developer client had found the perfect project after searching for a suitable site for some time. Detailed planning consent was granted for a 15 house development in an idyllic location in Yorkshire. The wider scheme should then allow two subsequent phases to create a private estate.
The developer had agreed a deferred land consideration which meant the Phase 1 site acquisition and build costs could be 100% funded using senior debt alone. He also secured an option on Phase’s 2 & 3.
Given the required Loan to Gross Development Value on Phase 1 sat comfortably within the lenders parameters, we arranged 100% development finance funding with the developer bringing the deferred equity element to the table as his contribution.
The developer was also the Contractor, and therefore was perfectly capable of making a start on site, with preparation and ground works. Having seen the developers previous scheme, the funder was more than happy to back him, having recognised what a fantastic location and scheme the project presented.