Cameron Hayes, Asset Finance Advisor in the Structured Finance team has completed a £5m residential development facility with Blend Network.
The loan was a for the conversion of a small holding with outer barns in Surrey. The loan was a refinance of an existing bridge, to release equity from planning uplift and to complete the development of the farmhouse and outer buildings. The loan was agreed at 70% LTGDV and 130% loan to purchase price (based on the original acquisition). The client‘s strategy was to maximise the day one land loan to release equity for upcoming purchases.
Paul Watson, Head of Lending at Blend Network said “We are delighted to have closed a £5m loan which was introduced by Cameron Hayes. The entire deal process was seamless with advisor and borrower alike and we are delighted to complete in a swift manner with a top tier SME client. Hopefully the first of many more to follow!”
Cameron Hayes says, “Delighted to have completed on this with Paul, Danny and the team at Blend Network. This is a very exciting development and the first stage in a much wider development of the site.”