A very well done to Tom Bamber on the completion of a £1.25m development exit facility supporting an apartment scheme of 16 units in Staffordshire. The marketing bridge provides an experienced developer with a 12-month term and refinances the existing lender in full.
“This transaction was delivered to a strict deadline owing to the expiry of the development facility that had already been extended as a result of Coronavirus. The new facility is priced at a materially lower rate than the development loan and supports the marketing period whereby two sales have already been agreed.”
MD Darren Willoughby commented:
“Tom was able to work closely with a supportive lender to deliver a strong funding package for an existing 2XL client. Fantastic work.”