Mayfair-based specialist finance advisor, Arc & Co. along with bridging loan specialist, Octane Capital, today announced it has provided Arc & Co.’s client with an £11m development exit loan. The development exit loan provides the developer with extra time to sell units and additional working capital.
The loan is against a pre-practical completion luxury scheme in south east London comprising of 11 units, each valued at a minimum £1m. To date, one of the units has sold and two have exchanged.
The one-year exit facility, at 70% LTV (net), has given the developer enough time to carry out the remaining work on the units and additional funds to boost both working capital and cash flow.
John Kerrigan, Director, Structured Finance, Arc & Co, added: “The developer is a key client of Arc & Co but this particular scheme, despite strong fundamentals, had a number of complex issues to address that we knew would be beyond the comfort zone or skill set of many lenders. The Octane team have shown their ability in structuring complex loans and were pragmatic and persistent throughout.”
Alex Tyrwhitt, Head of Structured Finance, Octane Capital, commented: “This was a complex loan involving multiple moving parts but the support we received from Arc & Co was second to none and helped us get it across the line ahead of schedule. We look forward to working on many more deals with John and the team in the months ahead. They’re a sophisticated broker that understand the mechanics of even the most complex loan structures.”
If you have an existing or up coming project you would like some advice on please get in touch with John on the details below:
Arc & Co. Structured Finance
Tel: +44 (0) 203 205 2124
Mobile: +44 (0) 750 822 5678