Loan supports large housing development in Cambridgeshire
Specialist property development and bridging lender Sancus has completed a £13.9 million loan to support a housing development in Wisbech, Cambridgeshire.
The developer has full planning consent for 117 units, consisting of 56 bungalows, 23 affordable units and 38 apartments, with a total gross development value of £26.4 million.
Sancus provided the 24-month loan, with a 78% LTC (development facility only) for the first phase of the development. The loan was introduced to Sancus by Matthew Dailly of Tiger Financial, a London-based specialist property finance broker.
“After careful consideration, we selected Sancus as our lender of choice,” Dailly said. “We were impressed that Sancus immediately saw the developer’s vision and what they were trying to achieve. They proved to be a sympathetic and understanding lending partner and their flexibility certainly contributed to the success of the deal.
“Sancus’ pro-active approach and the company’s efficient credit committee process allowed us to complete the loan despite multiple challenges along the way. A truly dynamic lender which we will have pleasure recommending again in the future.”
Read more: Sancus appoints group property director.
“This was a speculative scheme, with no pre-sales and, as in common with all development projects our due diligence brought up some unexpected factors,” Richard Whitehouse (pictured), director at Sancus UK, said. “We pride ourselves on our high level of expertise and tenacity, so we worked with Matthew and his client to resolve those points.
“In this case, that meant we increased the size of the facility and our LTGDV / LTC levels, something we were happy to do so based on our detailed dialogue with the client and their development team.”
Whitehouse added that they were delighted to have been able to supply the finance to support the substantial development in Cambridgeshire.
“With demand for housing across the UK still not being met by supply, it is encouraging to see projects of this size coming to market,” he said. “We have enjoyed working with Matthew and the team at Tiger Financial, and look forward to being able to support them and their clients on future projects.”
