Glenhawk has completed a £2.1 million bridging finance deal to help a developer finish and sell a four-unit barn conversion in Northumberland.
The client was partway through the conversion when key members of the development team fell unwell, leaving the project short of time to finish, market and sell the units. Two of the four barns were already complete, while the remaining two sat at a much earlier stage of construction.
Glenhawk structured the facility as follows:
- £2.1 million total loan, set at 70% LTGDV
- A day one net loan sufficient to repay the client’s existing development lender
- A £611,000 drawdown facility to fund completion of the two unfinished barns
Ryan Brewer, business development manager for the north at Glenhawk (pictured), originated the loan, which was underwritten by Loulou Rich, underwriter at the lender. Steve Toole at NMS Commercial Services Ltd packaged and introduced the deal.
“Completing this deal was no easy feat; it had a number of moving parts and issues raised late in the transaction – most notably, bats were detected on-site, which caused a late hurdle to overcome, but thanks to superb work from Loulou, we were able to get comfortable to proceed (and without changing our loan terms),” said Brewer. “We would like to extend a huge thanks to Steve and his team for trusting us with this deal.”
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