Arc & Co. have completed a development exit bridge on 3 houses in West London with Catalyst.
The developer had an agreement with the land owner that a land payment would be paid 27 days after practical completion. This was not sufficient amount of time to maximise the sales values of the scheme. Arc & Co. arranged an exit bridge with Catalyst to satisfy the land owner and provide the developer with an appropriate amount of time to sell the properties.
Key Figures:
LTV - 70%
Gross loan - £1,564,815m
Net Loan - £1,411,761m
Interest rate - 0.64%
Term - 12 months
Tom Berry, Asset Finance Advisor at Arc & Co. says: The speed and diligence Catalyst gave towards the case was great. They picked up this case which had a tight turnaround time and were able to complete in a 4 week period. My thanks go to Josh Hawker and James Parnall for ensuring a swift completion whilst securing a competitive bridging product.
Josh Hawker, Relationship Manager at Catalyst Property Finance says: “It’s been an absolute pleasure to work with Arc & Co on this loan. Tom approached us with an enquiry for £1.56m of Development Exit Finance. The client was an extremely successful property developer, but the case presented some complexities and required a speedy turnaround to funding. I have to say, Tom is one of the most hands on brokers we work with, we spoke daily and, working with our amazing Credit Analyst, James Parnall, we were able to provide the client with the required funding within 4 weeks. A great team effort!”