Specialist debt advisor Arc & Co. has arranged a new £5.65 million development loan from West One to finance the completion of a 29-unit residential scheme in Surrey.
The facility enables construction work on the part-built residential scheme to be completed, and refinances a loan from a third party development lender. It was taken out at a loan-to-GDV of 65% over an 18-month term by a private client of Arc & Co.
The deal was finalised within a tight schedule, with agreement of terms just one month after the first enquiry. Due diligence was expedited by reassignment of previous valuation and project monitoring surveyor reports.
Tom Berry, asset finance advisor at Arc & Co., said: “The speed with which we were able to work with the client and West One to finalise this facility highlights the benefits of mutual trust between all parties. Utilising existing valuation and PMS reports helped to process the case quickly. Situations such as this – refinancing a part-completed development project – bring with them their own quirks to overcome, and as such it is hugely pleasing to have reached a solution that works for everyone. We look forward to working with both the client and West One on future projects.”
Alan Coleman, portfolio manager at West One said: “Being able to get this facility in place within 28 days of Tom sending me the enquiry and 22 days from the application being received is testament to the relationship which we have built with Arc & Co. over the years. Trust and confidence that a lender is able to get loans underwritten and completed quickly, regardless of complexity, is now more important than ever. We will continue to support our broker partners and their clients as we have supported Arc & Co. and this client.”
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.