Lendhub completes £1.5m development loan during covid-19 lockdown
Specialist lender Lendhub have completed a development loan of £1.5m which will enable the refinance and development of a property located in Epsom, Surrey.
The property – currently a detached house, will be demolished to allow for the ground-up development of six flats comprising of 1,2 and 3 bedrooms. Located just over half a mile from Epsom train station with direct links into London Waterloo and Victoria, the properties will be an attractive opportunity for first-time buyers, professionals and investors.
The 18-month finance agreement, which was in full flow prior to the lockdown, completed smoothly despite the challenges that were presented. The scheme is also the borrower’s largest project to date and Lendhub ensured they gave the highest level of service and support needed during this period of uncertainty.
Christopher Adamou, Managing Director, commented:
“We are incredibly proud to have completed this case, not only in good time frames but also honouring all original terms that were set out before the lockdown. Whilst restrictions have not made things easy, the team worked tirelessly to overcome obstacles and provide guidance and expertise direct to our borrower and it feels like a great achievement to get this over the line within the required time scales.”