Assetz Capital has provided a £3.03m development exit finance facility to support completion of a nine-home development in Woodhall Spa, Lincolnshire.
The six-month facility has been agreed at 71.25% loan-to-value (LTV) and will enable the borrower to repay its existing lender and fund the remaining construction work.
Three of the nine homes have already been sold, with the remaining properties expected to be completed over the next three months and further sales anticipated to follow.
The funding supports the developer in bringing the partially completed scheme through to completion following the need to replace its existing finance.
Mark Roberts, Relationship Director at Assetz Capital, said: “We understand that development projects can face challenges along the way and having the right funding in place can make a real difference in getting a scheme over the line.
“We worked closely with the borrower to put a facility in place that enabled them to repay their existing lender and secure the funding needed to complete the development. It is great to be supporting the delivery of these homes and helping the developer bring the scheme through to completion.”
The developer added: “With our existing finance coming to an end, we needed a new funding partner who could act quickly and provide the finance required to complete our nine-home development. Mark and the team at Assetz Capital were professional, approachable and clear throughout the process, making what could have been challenging refinancing much more straight forward.”
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