Arc & Co. has completed on a £10m pre planning development loan on the basis there was an existing asset with plans to develop prime houses in South East London with Close Brothers. The loan was value based of the existing use.
Key Points:
- Loan £9.98m
- LTC 85%
- Located in South East London
Matthew Yassin at Arc & Co. commented “Once the lender was engaged, the deal took 8 weeks to completed from start to finish, with excellent communication from both Client and Lender enabling a smooth transaction. The key factors for this to get over the line were very much the expertise of the lender, the approach and understanding from the client’s side who was a pleasure to work with.
The main obstacles with this project were centred on the delays within the planning department and the client was under pressure from the vendor to complete. The lender took a pragmatic approach and was happy to complete prior to planning being sanctioned based on the strength and experience of the client.”
Laura Metcalfe at Close Brothers commented “The excellent communication between us, the Client, Broker and our solicitors ensured we were able to complete this deal within the required timescales. Matthew at Arc & Co provided a full appraisal and was upfront about the quirks of the deal, which enabled us to provide reassurances early on that this was something we could assist with.
With planning due imminently, we are looking forward to building our relationship with both the Broker and the Client and look forward to seeing this development take shape over the coming months.”