A Seaside Special
The bank was approached by an experienced south coast developer to provide funding on three completed schemes to enable him to refinance his existing Bank who were withdrawing from the lending market.
The schemes comprised a mix of high specification housing and flats in good locations. Very quickly after the refinancing took place the client secured a number of sales and gradually reduced the borrowing to a very low LTV. Using the remaining assets and the equity created from sales we were then able to assist the client with his next project, funding 100% of cost with a LTV of 60%.
The development which comprises 8 flats has been built out on time and within budget. Marketing has commenced and two early sales have been achieved. Encouraged by the client’s track record and attention to detail we have recently agreed to fund a further project, again utilising equity created in his other scheme. The total borrowing over the three facilities is £4.2m with an overall LTV of 60%.