Oblix Capital provide £3.1 million development loan on luxury residential site in Wales
Oblix Capital, the specialist property lender, has provided a £3.1m facility to fund a site acquisition and subsequent development of 8 luxury homes situated just outside of Cardiff.
With numerous complexities and some extremely tight deadlines surrounding the case, Oblix Capital were approached by the broker after another lender couldn’t complete on the funding.
The 24-month heavy development was funded at 65% LTV. Specialist broker, Sirius Property Finance who advised on the deal, contacted Oblix as they required a lender who could expertly underwrite a development loan of this intricate nature.
Rob Heywood, senior associate at Sirius Property Finance said:
“The biggest worry with challenging cases such as this one is ensuring the borrower’s timeframes and expectations are fully achieved. The efforts and expertise demonstrated by the entire risk team at Oblix have been outstanding. The care, due-diligence and willingness to place the borrower at the core ensured the case kept moving to hit every single deadline – this has left the borrower absolutely delighted with the outcome.”
Andy Reid, sales director at Oblix Capital further added:
“The expertise and cooperation demonstrated by Rob and his team at Sirius made every aspect of this case as seamless at it possibly could be. All information was supplied in the most timely, professional and proactive manner – a truly great example of lender and adviser working together to get the best outcome for the borrower. It’s great to see all parties going above and beyond expectations to proactively progress this case to funding.”