£4.54m Facility Agreed
Felixstowe Exit Bridge and Portfolio Restructure
We were delighted recently to complete a £4.54m double facility for a client of ours, which included a £3.6m exit bridge from the original £5m senior debt that we sourced, and a £940k portfolio restructure facility, both with the same, excellent lender.
Permitted Development Scheme in Felixstowe
The senior debt exit bridge was on the remaining 15 units of a 24 unit PD scheme in Felixstowe, where sales had been slow of late. The initial senior debt lender we sourced had agreed to a couple of extensions, but they needed to re-finance out.
Our developer client needed a new solution and 12 months breathing space to sell the rest, which was duly provided, at extremely competitive market rates.
The lender we worked with I can’t speak highly enough of, through what was, at times, a complicated process and which needed sensible commercial views to be taken, which were.
But that wasn’t senior debt..?
No, not all of what we do is straight senior debt.
In these challenging times, there are some interesting lenders around who have more creative products than the very mainstream.
This can be of great help to developers looking to raise funds, particularly with slow sales or additional assets.
This can be particularly seen in the exit bridging and portfolio restructuring arena, where stress testing can be less restrictive than the mainstream and provide more capital against assets if you need that.
Latest Market Insights
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- 9 Lenders offering 90% Loan to Cost
- 3 Lenders offering 75% Loan to GDV
- 6 Lenders offering 70% Loan to GDV
- 19 Lenders calculating Interest on ‘Drawn Funds’
- 2 new Lenders in Northern Ireland
- 1 new Lender with Zero Exit Fees
For UK Property Developers needing £500k to £20m