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Negotiating terms for an SME developer on a phased scheme of 42 units

Property Case Studies

The Client

Our client is an experienced developer who was looking to step up in size and scale of project. He had previously used a high street bank for smaller development projects but required our support to source a lender who could provide higher Loan to Gross Development Value.

The Case

The client had a vision to build a 46 unit scheme in three tranches. Pilot Fish Director, John Shevlane, worked with the client to structure the case and present the project to lenders.

We sourced a £9M flexible development facility that would be available in three tranches of £3M. We negotiated lending on the GDV of the first 14 units, plus the infrastructure costs associated to phase two. The lender agreed if the client had success with sales of the phase one units, profits could be utilised to fund phase two.

The Result

The 65% GDV, 85% LTC 36-month term loan is being used for the construction of 46 houses, with 20% being affordable housing.

Phase one of the project was completed ahead of schedule and generated enough income from property sales to allow the developer to continue with phase two.

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