Cameron Hayes, Director at specialist capital advisory firm Arc & Co., arranged the £4.2m debt facility, which marks the second deal between the lender and client. Cameron first assisted the borrower with a bridge earlier this year.
The loan is for a residential scheme in the Southeast that was originally acquired with a land bridge and has now been refinanced onto the development loan to carry out the works needed to transform the estate into a collection of apartments.
As well as driving the legal process to ensure a timely completion, Cameron also negotiated with the lender to allow the borrower to use their existing QS. The loan closed in under two months.
This case is a good example of Cameron and the borrower—an experienced developer in the region—having a strong relationship that is resulting in repeat transactions, not only because of the effective lender pairing but because of Cameron’s understanding of the project’s lifecycle.
The 65% LTGDV is at a sub-5% margin for 18 months.
Cameron commented:
“Typically, it’s more difficult to get funding for apartment schemes over houses—especially prime regional units—but in this case the number of units was to our benefit, alongside the fact we were working with a developer who had great experience both in the local and residential market.
“Having the knowledge and skills to seamlessly take a client from one facility to another, as part of their wider business plan, saves the borrower time and money in the long run–and makes for an overall more productive journey.”