Area: Hove, Sussex
Loan amount: £975k
An existing client who had undertaken previous development projects came to us with a new proposal he had devised for a site in Hove in Sussex, on the south coast. They were an experienced developer who we had previously arranged second charge funding for on a previous site, in addition to another development plot the year before.
Looking to move quickly, we were able to fund the project to 70% LTGDV with a 65% net release on the land at day one of the deal. In addition to this we were able to coupled with a market leading interest rate of 7.9% per annum.
We did this on a ‘Senior Stretch’ loan basis – proving more cost effective to the client than any standard development products (usually capped at 60% LTGDV), and 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.