Specialist bridging and development lender, Oblix Capital, has provided a well-established property developer with a £7.65 million development facility to fund the construction of seven high-spec homes.
With the site located in the highly desirable county of Berkshire, the loan has been structured on an 18-month term at a 70% LTGDV with construction of these seven units commencing immediately.
The latest development facility sustains a fruitful period for the specialist lender, adding to the constant funding of bridging and development completions since the start of the year.
Sales Director at Oblix Capital, Andy Reid commented:
“This development completion is a great example of our strategy and borrower centric approach coming to fruition. With numerous complexities surrounding the deal, both our sales and risk teams took the time out to sit down with the borrower and devise a facility that fully supports the needs and objectives of the project as a whole.”
“This has been a truly collaborative process and taking a common-sense approach to structuring these types of deals allows us to meet market demand for borrower’s needing fresh, flexible and agile property funding. “