£9.2m Development Finance loan completed in Norfolk
Grand Union Financial advised an International property developer with a 1st phase Development Finance loan to kick off their first UK Development. The non-eu client has a proven track record on residential development on an international scale and has chosen this high spec scheme in Norfolk to be their first UK project.
Their growth ambitions are to take on national house builders and bring a unique high spec brand to the market.
The 1st phase of the Development Finance loan is to support 21 high specification detached houses as part of a 153 unit scheme.
Grand Union Financial managed to source a private fund lender that saw the potential in the scheme and a market gap in the client's expansion plans.
Finance Type: Development Finance
Loan Amount: £9,200,000
Term: 24 Months (Rolled-up Interest)
LTGDV: 54% (outset) = 60 % on completion
Adviser: Kal Woodley
This was a great scheme and has potential to address a market gap that can challenge the current market trends. It was a pleasure to be part of this scheme and the International client appreciated the swift brokerage and access to a funder that took an "out the box" approach.