Julian King, Director within the structured finance team at Arc & Co. has secured a £2.8m loan for his client, a Hong Kong based developer developing 8 houses in West Finchley. There were a number of constraints in completing the facility given the offshore structure of the borrower, as well as site constraints to include tight access and egress. The scheme itself is excellently located and well designed, providing attractive family housing on an otherwise derelict site.
Julian King says, “This is the second transaction I’ve been involved in with my client who is actively seeking development opportunities across London. The development of this site will be an excellent addition to their growing portfolio and I look forward to working with them throughout the lifecycle of the project”.
The £2.8m development loan was provided by Secure Trust Bank, to aid with the site purchase of the Former West Finchley Bowls Club and to deliver funding in which to construct the 8 houses, completing in Q2 2023. The loan provided by Secure Trust Bank was for 60% LTGDV priced at 5.99% p.a David Burke, Lending Director at Secure Trust Bank said “It was our first deal with the customer who was extremely well represented by Julian and Arc & Co, who also did a great job to supporting STB in manging the process to completion. We are always excited to be working with new to bank customers and we are looking forward to building this excellent scheme in Finchley together”.