May 2nd, 2019. Ben Lloyd
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 Ben Lloyd
May 2nd, 2019
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben