London Belgravia Specialist Finance secures £3.2m finish & exit facility for Glasgow development scheme
London Belgravia Specialist Finance has just completed on a £3,200,000 finish & exit facility for a leading Scottish developer.
The development, in the centre of Glasgow, is a conversion of a period office building into 15 large high-end apartments with a GDV of over £5,000,000.
The scheme offers a collection of one, two and three-bedroom apartments.
The developer required a facility to refinance its existing debt and provide further funds to finish the project.
Their initial development facility was due to expire, giving an added level of time pressure.
London Belgravia Specialist Finance advised and arranged a facility of £3,200,000 for 12 months, which allowed the client to pay off their existing facility in full and free up some extra funds for the last remaining works.
The deal was agreed and completed within six weeks, allowing the client to repay their existing lender on time and without any penalties.
The deal was placed with West One Loans, who were able to offer a rate of 0.8% p.m. over 12 months.
All parties were able to execute the loan documents remotely and maintained clear communication throughout, working closely to structure the deal to the appropriate deadlines successfully.
Matthew Underhill, pictured, Senior Broker, London Belgravia Specialist Finance said:
“The team at West One Loans really stepped up to the mark on this deal, managing to complete a time-sensitive deal within the set timeframe during difficult market conditions.
We look forward to working with them again.”
Michael Grant. Head of Sales, West One Loans added:
“It was a real pleasure working with Matthew and the team at London Belgravia Specialist Finance.
There were a few hurdles that we had to overcome and the broker took a very pragmatic approach in dealing with our requests and requirements throughout the process, given the timeline and pressures that we faced to complete.
I would also like to thank Amanda Floyd who had been tasked to underwrite the deal through to completion.
Amanda, one of our Senior Underwriters, worked tirelessly to ensure we met the deadline.”