LendInvest completes £16m development deal in under three weeks in key commuter town
LendInvest has completed a £16m financing deal with established development finance borrower, Yogo Group. The deal was completed in three weeks from initial introduction to site purchase.
The development finance loan will fund the part-conversion and rebuild of a Grade II listed building, the former Thomas Lipton Care Home, as well as the construction of new units. Upon completion, the project in its entirely will deliver 24 apartments and six houses, ranging from one to four-bed units of bespoke design and available for first time buyers.
LendInvest completed this loan in record time after the borrower was let down last minute by another lender. If finance had not been secured immediately the borrower would have lost the site to another potential buyer.
The site sits in five acres of its own grounds, providing privacy for prospective buyers and tenants. It is located in the popular commuter town of Southgate, Enfield in North London, which is easily accessed on the Piccadilly Line and is only 28 minutes from Kings Cross.
Construction is expected to be completed by March 2019. The total GDV is forecast to exceed £26m.
Introducing and advising on the deal was Daniel O’Neil of SPF Private Clients.
Steve Larkin, director of development at LendInvest, said:
“Time is undeniably crucial for any developer. In this instance it was make or break, with the developer facing the prospect of losing a coveted site to other purchasers having been let down by their initial lender. Our team went the extra mile to ensure that this did not happen again, delivering fast, affordable finance in record time. Working with an award-winning developer is always a comfort for a lender, and we have full confidence in the Yogo Group to deliver the quality bespoke living spaces they are so well known for.”
George Philippou, MD of Yogo Group, added:
“Yogo Group is delighted to be working with LendInvest to deliver another one of its high quality residential developments in a unique enclave of Southgate. We would like to express our immense gratitude to LendInvest who have been extremely supportive of Yogo Group not only by funding the majority of the scheme but also by achieving the unachievable and ensuring a quick and smooth three week completion. The service and support provided by LendInvest and its lending managers have been exemplary.”