Glenhawk has completed a £9.4m development finish and exit facility through its specialist real estate division to support the final phase of a luxury residential project in Kensington.
The borrower, introduced by Jeni Browne of Mortgages for Business, approached Glenhawk’s specialist real estate team to refinance debt secured against a large executive home in Kensington.
The property was undergoing extensive redevelopment and had not yet received building control sign-off at the time of application.
Extra funding was needed to complete the high-spec fit-out and dressing required to meet the market in central London.
Glenhawk structured an 18-month development finish and marketing loan with cash out, providing the borrower with time and capital to complete the project and launch a sales strategy.
The facility had clear development and sales milestones, allowing for a longer term and enhanced day-one release.
The £9.4m facility was agreed at 75% loan-to-value (LTV) and used a hybrid interest structure, starting with a retained interest period to support cash flow, then moving to serviced interest later in the term to provide flexibility for completion and disposal.
Chris Daly, specialist real estate managing director at Glenhawk, said: “This transaction is a prime example of how we support experienced developers in core London locations with tailored, milestone-led solutions.
“By working closely with the client and Jeni, we delivered a facility that aligned with the project’s complex timing and funding requirements.”
