Development Exit loan on a quick timescale​

The borrower, an experienced developer, required funding to repay their existing development loan. Due to a longer build time than expected, the client didn’t have enough time to sell the property before their original loan was due to expire.

Our Development Exit product has given the client enough time to obtain the PC sign-off and sell the property.

Quick loan overview
▪️Max Gross Loan: £725,500
▪️OMV: £925,000
▪️LTV: 78%
▪️10-month term
▪️Loan exit: Sale of Property

Gareth Colston, Senior Internal BDM says: “It was great to get this over the line for the broker and their client, who needed to proceed on a quick timescale. The client was under pressure to complete as soon as possible due to their deadline with the existing lender.

A Dev Exit at 78% LTV on a single asset shows our scope to fund the right deals where we can see an experienced borrower with a strong exit plan. This allows us to push the boundaries when a deal makes sense”