Specialist debt advisor Arc & Co. has arranged a new £3.49 million development finance facility with Hampshire Trust Bank for the construction of three houses within the city by a private client.
The loan has been taken on a 24-month term at a loan-to-GDV ratio of 65% and an interest margin of 5%. The facility will fund the development of three houses, which each will have individual sales values of between £1.5 million and £2 million.
Tom Berry, asset finance advisor at Arc & Co., said: “The demand for high-quality housing in Cambridge makes this an attractive scheme for lenders, but it is still crucial to find a partnership that works for everyone. Hampshire Trust Bank is renowned for its understanding of projects such as this, and the client has a proven track record of delivery. We look forward to working with them both on future developments.”
Alex Upton, managing director, development & bridging finance at Hampshire Trust Bank, added: “Property lending requires everyone involved in the project to work together as a team to achieve the same goal, no matter how complex. Arc & Co continues to show dedication in ensuring that the requirements of lenders and developers are met, and that this can be replicated on future developments for great clients such as this.”
The Arc & Co. Group is a specialist asset finance advisory company based in St James’s, London. Its three divisions – real estate, marine and aviation – allow it to provide specialist advice across a range of financing solutions, including senior debt, equity, leasing and mortgages.