£2m Refinance Secured for Completed Residential Development

The Requirement:

Our client approached us to arrange term finance following completion of a residential development in Derby.

About The Property:

The security was a completed development of 18 x 1-bedroom flats, developed by the client. The flats ranged from 37 to 44 sqm, with the scheme carrying a GDV of £2.7m.

How we helped:

We structured the refinance around the completed scheme and its transition from development into long-term investment finance. In addition to repaying the existing development facility, we incorporated the repayment of various short-term debts into the overall funding requirement, allowing the client to consolidate the project onto a cleaner and more sustainable basis. By presenting the completed development and its income potential clearly to lenders, we were able to support a term finance solution suited to the scale of the asset.

The Outcome:

We secured a £2m term facility, enabling the client to refinance the development loan and repay associated short-term borrowing. This provided a more stable long-term funding structure against the completed block of 18 flats.