Hilco Real Estate Finance (HREF) has provided family-owned London property developer IndigoScott with a £21.3m development exit loan.
The 24-month loan at 75% loan-to-value (LTV) allowed the borrower to resolve a complex intercreditor situation and complete the sale of the Abbey Wall scheme in South West London.
The loan, the fourth lending transaction completed by HREF in the last few weeks, was secured against the partly sold 66 apartment new-build residential block, which included a ground floor commercial unit.
The transaction was introduced by RockCap director Alex Lundberg, with valuations undertaken by Gerald Eve LLP, and Daniel Fireman of Gunnercooke leading the legal due diligence for HREF.
Charlie Job, associate at HREF, said: “This loan gives our client time and flexibility to sell down the scheme and deliver vital housing supply in the local area.
“They have developed a high-quality project that is already part sold, demonstrating strong local demand, and we expect this to continue as residential transaction volumes stabilise.”
Jeremy Scott, director of developer IndigoScott, said “Hilco were able to quickly grasp the complexity of the case and provided an innovative and creative funding structure.
“Their communication was excellent and they remained closely engaged and supportive throughout the transaction.”
