Peritus Commercial Finance secures 55% LTV development exit loan

By Bridging Loan Directory 3rd June 2020

Peritus Commercial Finance has announced the completion of a new development exit loan for its client, family-owned property developer, Storey Homes.

Storey Homes approached Peritus to help refinance a completed development in Royston, Hertfordshire. The scheme comprised 12 houses with 2 sales already completed and a Gross Development Value of £6.2m.

Peritus secured a new development exit product at 55% Loan to Value with a 12-month term at highly competitive pricing. The loan was the first facility instigated and completed during the COVID-19 lockdown period for the Lender and involved Peritus finding new ways to work to introduce the Developer to the Lender and to progress the transaction.

Greg Dunne, Lending Director at Pluto Finance, says:

“We are delighted to have completed this exit bridge loan to Storey Homes, during what is a difficult period, demonstrating Pluto’s increasing flexibility and ability to adapt to all market conditions. We thank Peritus for introducing this new client, further growing our relationship with them, along with the start of a new relationship with Storey Homes.”

Katy Jordon, Managing Director, Storey Homes said:

“We have built an excellent working relationship with Peritus and during this transaction, they went above and beyond the call of duty in challenging market conditions to secure a facility for our Birch Meadows scheme which contains a mix of fantastic 3, 4 and 5 bedroom detached properties.”

Darren Baker, CEO, Peritus Commercial Finance said:

“With lenders and borrowers now meeting online and with systems and processes complicated by working from home, we are delighted to have sourced and completed this new facility for Storey. Peritus continues to be active in the market and our team of highly experienced property professionals are all working hard to ensure our clients receive a smooth and seamless transaction, no matter what the market conditions are.”