Rapid response helps developer to meet a mezzanine deadline
They had completed a prestigious London development of four houses and six flats and two of the houses and five of the flats had been sold. The developer had exchanged contracts on the remaining flat and had accepted offers on the remaining two houses with one of them about to exchange.
Our customer’s mezzanine facility was about to expire and they wished to repay this by way of a short term facility pending the sale of the remaining units. This was achieved by way of a structured short term facility secured principally on the one house upon which the customer had accepted an offer and with partial repayment due to UTB on the first completion of either the remaining flat or the house which was about to exchange.
A notable feature of this loan was the speed with which it was arranged. The offer letter was issued on a Friday and the loan drew down the following Wednesday despite a complex title involving first registration of the new units and a creeping freehold!
Loan Amount £1,377,400 – LTV 63.5%