Background
A South West London property developer was seeking a £7.1m loan for the development of 26 flats above a ground floor commercial unit.
Challenge
Lending on a headlease security rather than a freehold proved challenging in the legal due diligence. There were also numerous investors involved and a complicated legal pack which meant that the team had to be flexible in their approach to getting the deal completed.
Solution
The loan drew down and construction is now underway for this prominent town centre scheme with a GDV of £11.9m.