£6m exit finance for 27 new apartments in West Yorkshire
What was the situation?
We were approached by an experienced developer who required our help sourcing £6m exit finance due to their existing development loan coming to an end.
What was the issue?
The development comprised 27 new apartments in a thriving student city in West Yorkshire. There was little concern that the units would sell, but the developer wanted more time to finalise the final units without being restricted by a deadline associated with paying back the current loan.
As well as the current finance term ending, they also wanted to secure additional funds for future projects.
Timing was critical as the current term was due to expire imminently. We therefore needed to make sure we worked quickly and efficiently within the timescale we had.
What was the process?
By leaning on our long-standing lender relationships, we were able to present the case comprehensively and our proactive approach to seamless coordination between all parties ensured we could negotiate confidently on behalf of our client.
What was the solution?
We successfully arranged a development exit bridge of the required amount, at 75% LTV for a market leading fixed monthly rate over 12 months.
The borrower successfully exited their development loan and secured additional funding, gaining the breathing space they needed to complete unit sales.
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