This was a first tranche of funding, providing £1.96m towards acquisition and initial development costs. Future loan tranches will provide 100% of development costs with over 50% of units already sold.
A second new deal has been signed off this month, and will provide an initial bridge loan of £3.3 million to allow for site acquisition via a share purchase and payment of deferred consideration to the previous vendor. Subsequent development funds will be provided in the new year to begin construction on site.
The Route – Finance has now completed its diligence and commenced raising the first tranche of funding for a deal in Ashton Keynes. The nearly £2,000,000 tranche is booked to complete in December, and will allow for the land acquisition in addition to providing some development funding to cover preliminary works on site.
An experienced developer has signed terms for a £14m development loan to purchase and redevelop a partially constructed residential tower in Liverpool. The loan will provide funds towards the purchase of the site and 100% of development costs. This exciting new 130 unit scheme is expected to be completed within a 21-month build programme.
Terms have now been signed for a £3.3 million refinance with a subsequent £1.9 million development loan. The site is located on the western edge of the Cotswolds, and has full planning consent for the proposed scheme. Funds will allow for the construction of the first phase of this 136 unit, residential development.
The Route – Finance has completed on a £3.3 million development deal for a Luxury, 3 unit residential scheme in Cirencester. The borrower is an experienced developer with several other projects underway in the area. Terms were provided to the borrower 5 days and The Route worked quickly to successfully provide funds on the borrower’s target purchase date.