Lendhub completes £2.5m hybrid development loan
Specialist lender Lendhub has assisted an ambitious developer with the completion of a of a £2.5m part refurbishment part development facility.
Introduced by Hydra Capital, the 21-month facility was agreed at 66% LTGDV and enabled the developer to purchase a South London, period, mixed-use property with extensive plans to extend and expand the building.
The project includes construction of a 4-storey rear extension to create five dwellings and convert the current upper floors from offices to residential units.
Asim Shirwani, Chief Commercial Officer, commented:
“This was a very truly multifaceted deal introduced by one of our key partners Demi Shiamishis.
The client had agreed to buy a substantial property in South London and was looking for a flexible lender to work with him as the various planning milestones were met.
Works included a new build element to the rear, conversion of the upper parts under permitted development and refurbishment of the vacant retail unit and basement – all the moving parts we love in a deal.
Having helped the client secure the property we can’t wait to get stuck in with assisting him with the works.”
Demi Shiamishis, Managing Director Hydra Capital, added:
“The team at Lendhub were a breath of fresh air throughout this case despite several hurdles along the way.
Their commercial decision making however stands out particularly with a flexible approach to the decisions which had to be made quickly.”
Other deals for the growing Lendhub this year include a £2.5million commercial bridging loan helping a borrower whose sales plans had been affected by the pandemic.
It enabled the borrower, who had previously purchased a commercial block consisting of six office units, to exit an existing facility and re-market its remaining 5 units.