LendInvest has provided a £909,000 development finance facility to support the completion of two semi detached homes in Harpenden, Hertfordshire.
The developer required new funding after its previous lender was unable to continue supporting the project midway through construction.
LendInvest structured the facility at 46% LTGDV over a 15 month term, with the loan drawn down in June.
The two properties reached practical completion in August, two months after the facility was drawn.
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. It’s a further testament to our ongoing mission to support developers in overcoming challenges and bringing quality new housing to the UK market."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
