Area: Chesterfield, Derbyshire
Loan amount: £1.1m
An existing client who had undertaken previous development projects came to us with a new proposal he had devised for a site in Chesterfield in the East Midlands. Being an experienced developer, we had previously arranged second charge funding for them on a previous site the year before, in addition to another development plot two years prior.
As they were looking to a fast turnaround for the project, we contacted a specialist lender who was able to fund their latest project project to an attractive 70% LTGDV with a 65% net release on the land on the first day of the deal. In addition to this we were able to add on a market leading rate of interest of 7.9% per annum, using a ‘Senior Stretch’ loan basis, which proved more cost effective to the client than any standard development products which are usually capped at 60% LTGDV. We also combined this with a mezzanine facility.
Do you require specialist development finance? For our full range of specialist finance options and products, or to talk through the viability of your project and the funding options available, call our Specialist Lending team on 01249 474956.