Pallas Capital has completed a £970,000 development exit loan to support the refinance and marketing phase of four units within a new residential scheme in Kibworth, Leicestershire.
The 12-month bridging facility, structured at 75% LTV, refinances an existing development facility and funds the sales period for a selection of newly completed homes. The security comprises two bungalows and two apartments, forming part of a 10-unit project delivered by an experienced developer with an established track record in residential schemes across the local area.
Ringfencing units within a wider scheme
Senior originator Mark Witherington and underwriter Christopher Adams led the transaction for Pallas Capital, with Andrew German at Glovers acting for the lender.
The site's specific security requirements and the developer's portfolio objectives called for a tailored approach. Where traditional funding typically requires a charge over an entire scheme, the Pallas team worked through the technical complexities to ringfence the four specific units. That focused approach, combined with the responsiveness of both legal teams, allowed the deal to complete within five weeks.
"This deal is a great example of what can be achieved when maintaining an open dialogue throughout the underwriting process," said Christopher Adams, underwriter at Pallas Capital.
"Despite the compressed timeline, we were able to address the more complex aspects of the security structure to meet the client's requirements. We are happy to see this project reach completion and provide our borrower with the necessary breathing space to refinance and execute their sales strategy."
A continuing relationship
The completion builds on a long-standing relationship between Pallas Capital and the borrower. Following the successful delivery of the Kibworth units, the two parties are already exploring a pipeline of future sites together, reinforcing a partnership built on working through complex security structures and delivering pragmatic financing solutions.
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