Glenhawk completes £2.85m development exit loan
Glenhawk has completed a £2.85m development exit loan secured against a completed residential property in North Yorkshire.
Glenhawk has completed a £2.85m development exit loan to allow a developer to refinance an existing development facility.
The facility was secured against a large house in North Yorkshire and gave the borrower additional time to market and sell the completed residential property.
The specialist property lender provided the loan at 71% loan-to-value against the property’s open market value, equivalent to 80% loan-to-value against its 180-day valuation.
Glenhawk said the loan repaid the existing development finance while also releasing significant capital, allowing the borrower to acquire their next development site without being forced into a quick sale of the completed property.
The transaction was introduced by John Wain of Forest Hall Financial Solutions. It was originated by Annaliese Ellis, business development manager at Glenhawk, and underwritten by Caitlin Nicholson, underwriter.
Annaliese Ellis, business development manager at Glenhawk, said: “We’re delighted to get the deal over the line for John and his client. This loan is a great example of our development exit appetite.
“Given the asset is at a high price point and is situated in a rural area, many lenders were not able to support a loan at this leverage (our loan is at 80% LTV against the property’s 180-day value). Loans like this require a valuer with true local knowledge and an underwrite focused on the asset’s liquidity.”
John Wain of Forest Hall Financial Solutions added: “I have to give a lot of credit to Annaliese, Caitlin and the team at Glenhawk, Sarah at Allsop, and Navid at Healys for all their help in getting this tricky deal over the line.
“Achieving this level of leverage at this price point is an incredible result. I would not hesitate to recommend Glenhawk and everyone involved.”
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