Alburys Financials is delighted to announce the completion of a £3.3M Finish & Exit Loan consisting of 9 residential units and one commercial unit in East London.
THE SCENARIO
The Development Loan that was in place had been extended several times and was due to expire again
There was a further time and cost overrun which the Client was unable to fund
The security was located in East London and consisted of 9 residential units along with a commercial unit on the ground floor
The security was 80% part-complete with 2nd fix and fit-out required
Current value was £3.8m
Current debt was £2m
Remaining build costs and contingency were £750k
GDV was £6.4m
OUR SOLUTION
12-month Exit & Finish Loan Facility
1.5% arrangement fee, no exit fees
0.75% pm rolled-up
£2.2m day one net loan to repay the existing Lender and provide a cashflow fund of £200k
£750k draw-down facility
Total facility of £3.3m
Completed in 4 weeks
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.