Process promptly completed in three weeks
Property finance manager LendInvest has provided £4.2 million in finance for a national developer in the South West of England.
LendInvest has assisted one of its key repeat borrowers, Acorn Property Group, with the funding for a residential housing project.
The deal was a £4.2 million loan exposure against a £6.3 million GDV, 67% LTGDV. The facility will finance the development of 13 residential units, a percentage of which will be priced as affordable.
LendInvest completed the development loan in three weeks from initial introduction. Quick completion was necessary to accommodate Acorn’s tight project timeline.
“Completion deadlines are a critical part of the development finance world, and vendors can take advantage of this to the detriment of clients if something happens behind the scenes with the funding. We were delighted to help complete this deal which continues our strong relationship with Acorn and SPF Private Finance,” Steve Larkin, head of development finance at LendInvest, said.
Melanie Omirou, managing director at Acorn Property Group, said they were pleased to work once again with the team at LendInvest.
“We are thankful to them, and the other parties involved, for acting so quickly within a tight and critical timeframe. From beginning to end, the team worked swiftly to facilitate the loan in just three weeks,” Omirou said.
