LendInvest Mortgages has provided a £3.75m development finance facility for a residential scheme in the London Borough of Barnet, funding the demolition of an existing building and its replacement with nine new apartments.
The development will deliver three three-bedroom and six two-bedroom units across the ground, first and second floors, along with nine basement parking spaces. The facility was structured at 70% loan-to-gross-development-value over an 18-month term.
This is the second development finance facility LendInvest has provided to the same developer. On completion, the borrower plans to refinance onto a buy-to-let line of financing.
LendInvest approved the deal well ahead of the purchase completion date, allowing the transaction to proceed without disruption on the day.
“At LendInvest, we’ve always been committed to supporting SME developers across England, Scotland and Wales,” said Steve Larkin, managing director for development at LendInvest (pictured).
“This particular facility is the perfect example of a developer seeing the potential in a piece of land, and with the UK in need of new housing, these 9 new apartments are another step in the right direction.
“Providing financial certainty and technical expertise needed to get schemes like this off the ground is where LendInvest adds the most value. We are very much open for business and are eager to support more SME developers in bringing their next vision to life.”
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