What was needed?
Our client had completed the development of 4 detached, residential properties and wanted to release the extra capital created by the increase in value of the development.
The client wanted to release this extra capital by re-financing the development in order to fund the start of their next project.
What did we do?
We spoke with our client to understand what they needed, what the new value of the development was, and how long they needed the finance for before shopping the market and helping the client to agree Development Exit Finance with one of our panel of lenders.
The market value of the properties was £1,605,000 and the client agreed finance for 75% of the value of the market rate, meaning an LTV of 75%.
An interest rate of 8.4% per annum, or per year, was agreed for the duration of the facility, meaning flexible finance until the properties were sold.
The client, ultimately, only needed the finance for 9 months until all the properties were sold.
The client repaid the loan in full once all the properties were sold.
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