Shawbrook has provided a £2.98m development exit loan to refinance a partially sold residential scheme in Wimbledon, completing the deal in two and a half weeks from application.
The scheme comprised nine units in total, including three flats and two mews houses. Four sales had already completed before the refinance, and the facility was agreed at 75% loan-to-gross-development-value (LTGDV), reflecting both the quality of the scheme and the sales progress to date. As well as providing a route to lower-cost finance, the deal released equity for the developer to deploy on future projects.
Flexibility around the timing of remaining sales was a priority for the client. Shawbrook moved quickly to meet that requirement, progressing the refinance without disrupting the ongoing sales process.
The transaction was introduced by GDV Finance, a broker specialising in development finance. "We pride ourselves on delivering fast, commercially driven solutions for our clients, and this transaction was a strong example of that," said Harry Eddery, managing partner and co-founder at GDV Finance.
"Shawbrook and their professional partners worked closely with us throughout, enabling a smooth completion within just a couple of weeks."
"This is a good example of how we can move quickly on straightforward deals," added Alex Mills, relationship director at Shawbrook. "By maintaining close communication with GDV Finance throughout, we were able to keep the process moving and deliver a smooth exit for the client."
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