Lendhub completes £2.5m hybrid development loan

By -

lendhub office

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.