Tom Savill, Asset Finance Adviser at Arc & Co. has completed a bridging loan with Lendinvest for £8.5m. The loan has a 12-month term with a 65% loan to value.
The property, located in Eastbourne, was a vacant prep school originally purchased without planning. The client obtained change of use and planning for 52 residential apartments and the facility allowed the client to refinance after obtaining planning permission to release equity. The exit plan for the loan is to sell the site to a developer.
The deal had several challenges as the school was owned by multiple shareholders and required a guarantee from a director that wasn’t a shareholder. This coupled with the original planning use made the deal complicated and Lendinvest’s ability to understand this was vital in completing the deal.
Tom Savill Says, “It was great working with Lendinvest on this deal. They were very competent, understanding the complex nature of the asset as well as the ownership structure. I look forward to working with them again in the future.”
Gary Clark, Business Development Manager at Leninvest says, “This deal had some unique points to it. With the input and support from Tom, we were able to quickly deal with any issues in a timely manner. I would like to thank Tom for his professionalism and support, aiding us to complete this deal in the timescales required.”