May 2nd, 2019. Luke Egan
Deal of the Month May 2019: Development Exit on Luxury Properties
It’s that time of the month again when we shine a light on a great deal done in the past few weeks. Let’s take a look at this recently completed development exit case brokered by our Specialist Property Finance Advisor, Tom Rowlands.
About the Deal
Our client came to us seeking finance as the market had slowed and their recently developed properties were taking longer to sell than previously expected. They were coming to the end of an existing 12-month development facility, so needed funds quick!
With three luxury, detached five-bedroom new builds with a gross development value of £2.85m, they had suitable assets to loan against and we were able to secure development exit finance with a 75% LTV in less than a month from initial enquiry.
The client now has an additional £2.15m on an 18-month facility to ensure his properties sell for the best price possible.
Could Development Exit Finance Help You?
Sometimes properties take longer to sell or your situation changes, meaning paying off finance in the agreed term can be tricky. If you find yourself in a similar situation, please do not stress. Instead, get in touch with our friendly team of brokers who can source you development exit finance at a competitive rate.
We source short-term finance on terms of one month to three years, generally starting from £200,000 and an LTV of 75%. Let’s talk finance!
Article By Luke Egan
May 2nd, 2019
Luke heads up our specialist property finance team where his focus is to drive our transactions valued between £100k and £5m.
Luke and his team manage enquiries from initial enquiry through to redemption. Luke also sits on the internal credit committee with Ben and Tom.
Luke joined Pure back in 2014 following a successful role in the Barclays property finance team that lasted over 8 years.See more articles by Luke