Successful Repayment of Belfast Bridge Loan

Repayment

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.

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Norfolk Planning Bridge Loan Repays

Repayment

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.

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First Drawdown of 2019 on Site in Cotswold Waterpark

Drawdown

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.

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Diligence Complete on Cotswolds Deal

Due Diligence Complete

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.

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Diligence Signed Off on Ashton Keynes Deal

Due Diligence Complete

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.

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New Residential Development Deal in Liverpool

Terms Signed

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.

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