Alburys Financials is delighted to announce that we have recently had credit approval for a good client of ours for £38M Residential Dev Exit Refinance.
THE SCENARIO
The Client recently completed the development of over 50 houses and flats in Surrey. The Client is now looking to refinance the remaining unsold units onto a cost-effective development exit finance package for the sales stage. Currently, the debt package includes a senior and mezzanine lender.
SECURITY
The remaining security units are 40 luxury detached, semi-detached and terraced houses as well as some blocks of apartments, all on a single freehold.
REQUIREMENTS
The Client is looking for a 12 to 18-month flexible facility to fully pay down the senior debt and as much of the mezzanine funding that's possible. The main goal is to provide a more cost-effective funding package and provide time to sell the properties.
OUR SOLUTION
Security Value £ 62.5M
£ 37.5M Gross Loan
60% LTV
3%+BoE pa
12-month term with an option to extend to 18 months
1% Arrangement Fee
1% Exit fee
Interest - Fully Retained
Exit method - Sales
Deed of priority between the new senior lender and existing mezz funder.
These are details of a previous deal we have helped our Client with. Any rates or terms expressed in this case study were specific to those clients’ circumstances and may not be available now. Therefore, any terms or rates offered to you may differ and will be subject to status.
If you have any questions or wish to discuss any funding requirements, please don't hesitate to contact us. We'd love to hear from you.