LendInvest Mortgages has announced that it has provided funding for a new residential development in Morden, southwest London, supporting the delivery of new homes in the area.
The £2.5 million facility will fund the construction of eight flats, made up of two one-bedroom units, three two-bedroom homes and three three-bedroom properties. The scheme also includes a private amenity space and 22 cycle spaces, reflecting a focus on practical design for urban living.
An experienced SME developer acquired the site in 2022. Part of the day one advance will refinance an existing bridging loan, allowing the project to move forward under a longer-term development structure.
LendInvest completed the funding at 70% LTGDV, with the facility structured over an 18-month term. The lender worked to complete the transaction efficiently, giving the developer certainty around funding as construction progresses.
Commenting on the deal, Steve Larkin, managing director for development at LendInvest (pictured), said: “For over 10 years now, the property development team at LendInvest has always been committed to supporting SME developers, and this funding is a further testament to that. With the UK government far behind its target of 1.5 million new homes by the end of the current Parliamentary session, SME developers hold the key to help get closer to that goal."
"We are pleased to facilitate this new development in an attractive area of southwest London, and with a new funding partnership with AB CarVal and HSBC, we stand ready to support the build of new homes across England, Wales and Scotland.”
