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Development Exit loan for an 8 house scheme in Staffordshire

 

Deal Structure

£2.36m gross facility.

75% Loan To Value.

2% Arrangement Fee.

Interest at 0.79% pcm.

No Exit Fees (subject to a 3 month minimum term).

No Lender Admin Fees, Application Fees, or additional Broker Fees.

 

Deal Summary

 Following the successful build programme of 8 houses in Staffordshire with a GDV of circa £3.15m, our client wanted to refinance his Development Loan facility to allow a more comfortable sales period so he could sell the properties without having the end-of-term pressure from the existing Development Loan.

Practical Completion documentation was in-hand, and a marketing launch had attracted sufficient interest, although the x3 sales agreed to date were dependent on chains. Other prospective buyers hadn’t yet committed, but the general demand for the product was strong given the quality, square footage and spec on offer.

This was a relatively “clean” case with no significant hurdles to overcome. The properties valued up as expected, and the valuers market commentary was strong.

We promoted a lender who offered a competitive rate and whom Positive Commercial Finance have worked with and relied upon time & time again, to deliver as promised. The lender was adequately impressed with the professionalism of the developer and his credit profile and have allowed the developer to take a share of the net sales proceeds after 4 sales have completed, if required.

The new Developer Exit loan will allow a 12-month period for sufficient sales to complete, to redeem the facility. As such, the developer is not pressured into accepting discounted bids on these fantastic properties.

Contact John Waddicker

07974 703375

[email protected]

John Waddicker

Contact

John Waddicker

Quick Enquiry

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Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address Bedford House, 60 Chorley New Road, Bolton, BL1 4DA . Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACFB and FIBA. ICO registration reference Z1196910.

We are a credit broker, not a lender. We work with a panel of lenders who may pay us a commission. This amount varies between lenders.

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