Area: Chard, Somerset
Loan amount: £900k
An existing client came to us with a new proposal for a site in Somerset. The client was an experienced developer who we had already arranged 2nd charge funding for on a previous site. We were able to fund the deal to 70% LTGDV with a 65% net release on the land at day one. This was coupled with a market leading interest rate at 7.9% per annum. Doing this on a ‘Senior Stretch’ loan basis proved more cost effective to the client than standard development products (usually capped at 60% LTGDV) combined with a mezzanine facility.