An experienced property developer and investor was introduced to us with a view to funding a development of eight flats in East London. The developer’s previous bankers were unwilling to support any further developments of flats and so the client was looking for a new, flexible funder. The site was an old public house close to transport links, with bus and rail services providing excellent access to Docklands and the City.
Based on the developer’s experience and competence and the strength of the site, we quickly offered a development loan providing 100% of construction costs plus associated fees, with interest rolled up through the term. The developer accepted our offer and began construction.