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.
An existing borrower has signed terms on a second deal with The Route – Finance. The subject site is a former farmyard with outline planning permission for 10 units, 8 of which will be affordable. The £5.2 million facility provides funds towards the purchase of the site Ashton Keynes, in addition to 100% of the development costs.
A £3.05 million loan successfully repaid today in full. The loan was used to purchase a portfolio of over 900 Lock Up Garages interspersed throughout the Home Counties. The borrower repaid the loan on time through sale of individual units within the portfolio, and The Route – Finance worked closely with him throughout the term of the loan to release the various securities as units were sold in order to reach a positive outcome for all parties by the redemption date.