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£4.9m Development Finance facility at 70% LTGDV in Oxfordshire

Deal Structure

 

£4.9m facility (gross, including interest & Arrangement Fee)

70% LTGDV & 90% Loan to Cost

75% LTV net on Day 1

2% Arrangement Fee

Interest Rate 8.49% per annum

1.25% Exit Fee (based on the facility amount)

24 months term

Deal Summary

An experienced developer client had agreed to buy a site in Oxfordshire which came with detailed planning permission for 21 residential units in a predominantly residential area with great transport links.

The client had recently finished a development of 14 houses not too far away, and this was an excellent opportunity to move on to. The vendor required a swift completion and so we targeted a small number of lenders whom we knew could act quickly.

Whilst the client had a significant amount of cash to contribute to the project, he wanted to consider a number of different leverage options. After presenting the client with options ranging from 55% to 70% Loan to GDV, he decided to accept an offer which provided 70% LTGDV which gave a Day 1 “net” figure equivalent to 75% of the land purchase price. As such, he could keep plenty of cash in reserve to be utilised elsewhere if necessary.

Contact John Waddicker

07974 703375

[email protected]

John Waddicker

Contact

John Waddicker

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Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address Warth Business Centre, Warth Road, Bury BL9 9TB. Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACFB and FIBA. ICO registration reference Z1196910.

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