Contour Capital provides £1.575m bridging facility
Contour Capital is delighted to announce that it has recently provided a £1.575m bridging loan to an experienced developer in the Clapham Junction area. The loan was provided to the developer upon practical completion of their development consisting of three apartments and a ground floor commercial unit in a strong location close to Clapham Junction Railway Station.
The loan enabled the developer to fully repay their development finance and give more time for sale of the completed units in an orderly manner. Contour Capital was able to provide its facility with interest roll up over the term, taking the leverage up to 75% of Total Gross Development Value. This high leverage allowed the developer to repay their development finance without having to inject any equity at the time of the refinance.
Contour Capital’s Paul O’Kane, pictured, said:
“It has been great to be able to assist this experienced developer with a facility that will give him more time to sell what we see as being a brilliant product for the price-point. Through a good team effort, we reacted quickly to the request, to ensure we could complete within the short refinancing timeframe. Our high Loan to Value bridging has also allowed the developer more time without having to tie up any more cash in the project”.