Lendhub completes £4.5m development finance loan
Lendhub have assisted a developer to achieve their goals with a development stretched loan of £4.5m
Lendhub were introduced to this commercial development and were immediately keen to help the borrower achieve their plans. The borrower required funding to refinance the existing debt and 100% development funding to develop their vacant commercial office in Richmond upon Thames. Having negotiated an agreement to lease the property with a bluechip tenant upon completion, the opportunity to develop was very evident.
Lendhub were able to assist with their development stretched product which allows extra leverage, up to 70% LTGDV. Working diligently with the borrower, their professional team and QS, Lendhub were able to advance the funds in order for the borrower to complete the development.
The loan was advance for a term of 14 months and was completed within three months at a rate of 0.85%pm.
Max Herman, pictured, Lending Manager, commented:
This was a fantastic opportunity for the borrower, however it was important for them to release the maximum amount of capital at the outset. There were set-backs including a lower than expected residual valuation amongst other matters which we were able to overcome. At Lendhub, we take pride in crafting products to suit our borrowers’ needs and give their project what it needs to succeed.