The client had built eight high quality residential properties and required development exit funding on three of these units to generate capital for future projects as well as paying off the existing development facility.
Specialist short-term lender Oblix Capital has completed a complex £1.74m development bridge for properties on the south coast town of Eastbourne.
The client had built eight high quality residential properties and required development exit funding on three of these units to generate capital for future projects as well as paying off the existing development facility.
The facility was structured on a 9-month loan term at 75% LTV and priced at rate of 0.85%.
Adam Powell, director of business development at Oblix said: “Remaining flexible and efficient to meet our client’s requirements forms a big part of the strategy here at Oblix.
“The team took each challenge faced by the client into account, whilst ensuring we structured the loan on its individual merits. A big thank you goes out to our risk team who put the deal together with the utmost flexibility, clarity and approachability.”
Andy Reid, Sales director at Oblix said: “After a great finish to the financial year, it’s imperative we continue with the same enthusiasm, appetite and focus. This development exit deal demonstrates our ability to remain flexible without compensating on client satisfaction.”
