Lendhub completes £1.22m development loan for Havering housing scheme

REA Construction Ltd, an associated contractor under common ownership, will deliver the development, while the valuation was carried out by Edward Scott of London’s Surveyors & Valuers and IESIS Consult has been appointed as monitoring surveyor.

Jack Hoad, relationship associate at Lendhub, said: “Development cases tend to be discussed in terms of leverage ratios, but the structure here was driven by what the borrower brought to the table. A clean planning consent, owned land, and a credible PG covenant give a credit team a lot to work with, and the facility was sized to fund the build rather than to stretch the day-one position. That’s a structure that works for the borrower, the contractor, and the exit lender.”

Nigel Hakkak, of Cobalt Financial, said: “The client had everything in place land, planning, contractor, and the equity and needed a lender who could move on the build funding without re-litigating the underlying case. Lendhub engaged with the structure on its own terms and delivered the facility the client needed to start on site.”