Glenhawk has announced that it has completed a £2.85m development exit loan in North Yorkshire, refinancing an existing development facility and giving the borrower more time to market and sell a completed residential property.
The specialist property lender secured the facility against a large house, with the loan structured at 71% loan-to-value (LTV) against the property’s open market value (OMV). That figure rises to 80% LTV when measured against the property’s 180-day valuation.
The loan repaid the borrower’s existing development finance and released significant capital in the process. This allowed the developer to acquire their next site without being forced into a quick sale of the completed property.
The deal came together through several parties:
- John Wain of Forest Hall Financial Solutions introduced the transaction
- Annaliese Ellis, business development manager at Glenhawk, originated the loan
- Caitlin Nicholson, underwriter at Glenhawk, handled the underwriting
Ellis (pictured) said the deal reflected Glenhawk’s appetite for development exit lending in more challenging locations. “We’re delighted to get the deal over the line for John and his client,” she said.
“This loan is a great example of our development exit appetite. Given that the asset is at a high price point and is situated in a rural area, many lenders were not able to support a loan at this leverage. Loans like this require a valuer with true local knowledge and an underwriter focused on the asset’s liquidity.”
Wain credited the wider team for pushing the deal through despite its complexity. “I have to give a lot of credit to Annaliese, Caitlin and the team at Glenhawk, Sarah at Allsop, and Navid at Healys for all their help in getting this tricky deal over the line,” he said.
“Achieving this level of leverage at this price point is an incredible result. I would not hesitate to recommend Glenhawk and everyone involved.”
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