Funding 365 has delivered a £3.2 million 75% LTV finish and exit loan at a rate of 0.78% per month to complete the development of 14 new build houses in Lincolnshire.
The deal came with no administration or exit fees.
The 12 month facility, introduced by Adelpha Capital, frees up cashflow for the experienced developer to begin work on their next development project whilst they complete and market their existing one.
The three and four-bed houses are at varying degrees of completion, from shell condition through to almost finished. Funding 365’s underwriters worked closely with all parties to craft the tailored solution, delivering £2.2 million on day one and £900,000 in further advances.
Krisha Karunananthan (pictured), Funding 365 underwriter, said: “Borrowers requiring finish and exit funding for their part complete projects generally need to access such funds quickly and at rates that don’t threaten their profit margins. Fulfilling this criteria can be difficult, which is why we encourage brokers to speak to us first.
“Our principal-led funding model and industry-leading rates mean that we can move quickly to underwrite the best deals. What’s more, our unique set up whereby our underwriters handle each case from initial enquiry to completion makes us apt to spot effective routes forward that a lot of lenders miss.”
Lucas Velleley, Adelpha Capital director, added: “When refinancing an ongoing development, it is crucial to partner with a lender that will deliver on their promises. Funding 365 exceeded expectations by being commercially minded and working collaboratively through any issues to find a solution. The team was always proactive and responsive.
“We were particularly pleased that Funding 365 have been able to accommodate Adelpha Capital’s mezzanine finance facility – allowing us to offer the client a highly bespoke financing solution.”
