LendInvest, has provided a developer with a £19.3 million loan to fund a large residential development in the South West.
The borrower has planning in place to construct a 120 unit residential development.
The development finance loan will fund the construction of the first phase of the project, comprised of two to five bedroom houses for both professionals and families in the area.
The total loan provision for this site is £19.3 million based on an LTGDV of 68%. From instruction to completion, LendInvest took 60 days to facilitate the development loan.
Construction has commenced on the first phase, with the full project due for completion in summer 2020.
This is the third deal LendInvest has completed with this borrower. With over 30 years experience in the residential housing space, the developer currently builds between 250 and 300 homes a year across the UK.
Rebecca Murphy, relationship manager at LendInvest, said: “This is a great example of the team working to a tight timeframe to get the optimum result for a key client of LendInvest.
“The borrower has extensive development experience in this location, and we are pleased to have been able to assist them in contributing to the housing stock in this area through this fantastic scheme.”