Development Exit - Block of Flats

Witten By: by Charleston Financial

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.

 

Customer Requirements

 

 Product Type Ltd Co Buy To Let
 Property Type Freehold Block of Flats
 Completion Formally Offered Dec 2020
 Loan to value 65%
 Property Value £1,675,000
 Location Canterbury

 

Financial Package Delivered

 

 Charleston Advisor Andrew Blackwell
 Loan Manager Karen Ford
 Lender Yorkshire Building Society
 Loan £886,875
 LTV 53% LTV
 Interest Rate 3.45% 5yr fixed
 Repayment Type Interest only - rolled up

 

To discuss a similar situation call one of our advisors on 1908972491

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