Arc & Co. has secured a £10m development facility for 96 student units in the Southeast.
The funding, provided by Close Brothers Property Finance, supported a developer with a strong student pipeline and experience in the living sectors.
The 60% loan-to-gross-development-value (LTGDV) facility is for 18 months, priced at a 5% margin.
Close Brothers Property Finance stepped in where another lender was no longer able to advance the funding.
Cameron Hayes (pictured), director at Arc & Co., said: “Close Brothers were excellent bringing the financing together in good time.
“They were able to rely on the reporting by the existing valuer and PMS, and were happy to instruct solicitors pre-credit, to get the funding completed on time.”
Lee Daniel, business development director at Close Brothers Property Finance, added: “Cameron provided a detailed overview of the client’s proposal and valuable input throughout, to ensure this transaction completed within six weeks of credit approval.”
