Client: Private Developer
Requirement: Arc & Co. worked on behalf of an existing client to secure funding for a residential development scheme in Wembley, London. The project comprises twenty residential units, 4 terraced houses and two apartment blocks, providing 16 split-level flats. Four of the flats are to be delivered as affordable housing units.
Solution:
· Gross loan - £8,251,820
· Senior Debt - £6,866,000
· Mezzanine debt - £1,385,820
· LTC – 96%
Several factors made this transaction complex, which included: completing on the land purchase within 6 weeks, aligning the senior and mezzanine lender in a short period of time with no intercreditor deed in place, finalising the S.106 with the council in time to satisfy the lenders conditions.
Contact:
Nick Holding-Parsons
Asset Finance Advisor
T: +44 (0)20 3205 2191
E: nick@arcandco.com