LendInvest provides £4.2m in finance for new homes in Wiltshire
LendInvest, the UK’s leading asset manager for property finance, has provided £4.2m in finance for a national developer in the South West of England.
LendInvest has assisted one of our key repeat borrowers, Acorn Property Group, with the funding for a residential housing project.
The deal was a £4.2m loan exposure against a £6.3m GDV, 67% LTGDV. The facility will finance the development of 13 residential units, a percentage of which will be priced as affordable.
LendInvest completed the development loan in three weeks from initial introduction. As exchange of contracts had already taken place, the clock was ticking and quick completion was necessary to accommodate Acorn’s tight project timeline.
Steve Larkin, head of development finance at LendInvest, commented: “Completion deadlines are a critical part of the development finance world, and vendors can take advantage of this to the detriment of clients if something happens behind the scenes with the funding. We were delighted to help complete this deal which continues our strong relationship with Acorn and SPF.
Special thanks to JLL, Glovers and Regency Grove for their swift assistance and being readily available at all times to proceed quickly to completion.”
Dan O’Neil,director at SPF Private Finance, added: “With an extremely tight completion deadline, Lendinvest once again proved that they have the capacity and flexibility to execute deals under pressure. Funding a development loan from inception to completion in 3 weeks is exceptional. Recognition must also go to Glovers who acted for LendInvest on the legals for their enterprise. The Acorn, SPF & LendInvest relationship continues to prosper!”
Melanie Omirou, Managing Director, Acorn Property Group, added ““We are delighted to once again be working with the team at LendInvest and thankful to them and the other parties involved for acting so quickly within a tight and critical time frame and from beginning to end the team worked swiftly to facilitate the loan in just three weeks. Another successful transaction with LendInvest and SPF!”