Pivot has completed a funding package comprised of three loans for a residential development in Denby Dale, West Yorkshire.
This funding solution will enable the borrower to refinance an existing lender, support the completion of partially built units, and provide capital for the new construction of a 34-home residential development.
The £6.5m facility was structured to encompass three distinct loan types within a single transaction—a development exit bridge, part-complete development loan, and ground-up development facility.
The £1.9m development exit bridge was secured against eight completed properties at 75% loan-to-value (LTV) with a 12-month loan term. The purpose of this loan was to refinance and maximise liquidity against the completed units ready for sale.
The £3m part-complete development loan was secured against nine units at 67.2% loan-to-gross-development-value (LTGDV) with an 18-month loan term to complete the semi-constructed units.
The £1.5m ground-up development loan was secured against four new homes at 68% LTGDV with an 18-month loan term.
This part of the facility funds the construction of the new units, ensuring seamless project progression.
Andreas Yianni, commercial director at Pivot Finance, said: “This transaction highlights our ability to shape funding solutions that address multiple stages of a development in one seamless package.
“By incorporating a blend of development exit, part-complete, and ground-up funding, we have provided the borrower with a flexible and strategic solution to support their project through to completion.
“It’s a great example of how we tailor our lending to meet the real-world needs of developers.”
