LendInvest supports Harpenden development with £909,000 facility
The facility was structured at 46% loan-to-gross development value (LTGDV) over a 15-month term.
LendInvest has provided a £909,000 facility to support the completion of a residential project in Harpenden, Hertfordshire.
The funding assisted with the development and completion of two semi-detached houses in a sought-after area.
The developer needed a quick solution after being let down by a previous lender part-way through the build.
LendInvest stepped in to ensure the project stayed on track and avoided delays.
The facility was structured at 46% loan-to-gross development value (LTGDV) over a 15-month term.
The team worked efficiently to draw down the loan in June and achieve practical completion in August.
Dan Lohn, relationship manager at LendInvest, said: “The team at LendInvest is committed to providing SME developers with the certainty and speed they need, especially when they are faced with unexpected hurdles.
“Stepping in to support this part-built project after the previous lender wasn’t able to accommodate the deal highlights our ability to move quickly, flexibly and decisively.
“We’re thrilled to step in and support this project and deliver on these two beautiful homes in such a lovely part of Harpenden.”
Lohn added: “It’s a further testament to our ongoing mission to support developers in overcoming challenges and bringing quality new housing to the UK market.”
Related
Shawbrook provides £7.5m development facility for Essex residential scheme
Paragon Development Finance provides £11.7m facility to support Wharfedale scheme
Pivot structures £1.3m two-phase Yeadon development facility in 16 days
Aspen provides Finish & Exit facility for residential development in Buckinghamshire
Pallas Capital completes £6.1m development loan for 60-flat Northampton scheme
Pallas Capital completes £8.2m development facility for 98-bed Leicester student scheme
Development Bank of Wales provides £7.5m funding for Carmarthenshire housing projects
CapitalRise provides £8m facility for Hammersmith mixed-use scheme
Persimmon submits plans for 123 homes in Mansfield
The Co-operative Bank agrees £50m funding partnership with Fairhive Homes
Roma Finance and Karaya Capital deliver £1.25m resi development in Kent
