Development Exit - Block of Flats
Charleston were approached by our client to assist in the exit of a development loan on a block of 5 flats.
The development loan was to a trading business, rather than a standard SPV, and therefore ruled out most of the usual lenders we could approach.
Property Value of £1.675m and the client required a loan amount of £886,875 on an interest only basis. The remaining flats were still under the freehold title and we were able to secure drawdown without the need to create individual leasehold titles.
We were able to secure interest only terms on the basis of a 5yr fixed rate @ 3.45% with a 1.25% lender fee.
|Product Type||Ltd Co Buy To Let|
|Property Type||Freehold Block of Flats|
|Completion||Formally Offered Dec 2020|
|Loan to value||65%|
Financial Package Delivered
|Charleston Advisor||Andrew Blackwell|
|Loan Manager||Karen Ford|
|Lender||Yorkshire Building Society|
|Interest Rate||3.45% 5yr fixed|
|Repayment Type||Interest only - rolled up|
To discuss a similar situation call one of our advisors on 01908597811