A £4.75m loan which was used to refinance an existing facility, secured against a site in Belfast, has now repaid via a bridge loan. The borrower obtained detailed planning consent during the loan term, thereby increasing the site value sufficiently to allow for a satisfactory redemption.
A £624k loan has successfully repaid in full. The borrower required the loan in order to acquire a site in West Norfolk with a 12 month term in order to achieve detailed planning consent. The borrower achieved consent, and was able to obtain a bridge loan with the benefit of an increase in value.
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.