Client: Joint venture between Leading Homes and Muniment Ltd
Requirement: Arc & Co. have secured funding for a £2.4 million phased residential development scheme in Totnes, Devon, on behalf of the joint venture clients. There were a number of moving parts which required detailed planning and close attention to obtain the optimum financial solution for the build of the initial 26 units.
Solution: Funding was successfully secured at 60% Loan-to-Gross Development Value. Two factors which added a little more complexity to the process, included the clients being located in different time zones and the development site being in an area that not all lenders have been regularly exposed to. Ian Walmsley, Director of Leading Homes, concluded on working with Arc & Co.: “We enjoy working with quality partners and Sam has proved to be one. Trevor and I are always looking for new opportunities and having someone like Sam to act swiftly on new deals is vital for both us and our investors.”
Details of the project can be found at http://totnesproperty.com.