Arc & Co. have completed a £4m development loan with Hampshire Trust Bank for a ground up development of 10 houses in Newmarket. The facility is for a term of 18 months with a LTGV of 65% for a Cambridge based developer.
Tom Berry, Asset Finance Adviser at Arc & Co. says, ”Considering the volatile market and the increasing cost of debt, Hampshire Trust Bank priced the deal fairly, maintaining the leverage in spite of a rapidly changing market. It was a pleasure working with the team at Hampshire Trust Bank on this case, who were efficient and clear from start to finish.”
Alex Upton, Managing Director, Development Finance at Hampshire Trust Bank says “At the beginning of the year we, at HTB Development Finance, realigned our distribution to better face into and support the broker community and the partnership that is developing with Arc & Co shows exactly why we have done that. Tom has been there at every step of this transaction adding value, insight and solutions to ensure we progressed to a smooth completion.”