Positive Development Finance has completed a loan on a £12m development project.
The mixed use scheme on the South coast has been funded by a private lender at over 70% LTV on day one to refinance the current mortgage, and then 100% of build costs providing a total facility at 65% of GDV.
The owners had been attempting to get the project financed for years, after the original High Street lenders pulled the development facility shortly after the purchase of the property.
John Waddicker, director of Positive Commercial Finance, said: “This year has been phenomenal in terms of applications and completions, with enquiries coming from a large number of introducers throughout the country, as well as directly from developers as our profile continues to grow.
“Our strength is in the variety and range of funding sources we have, and the relationships we have with such lenders.
“We have had a number of high profile cases where facilities have been removed from existing backers, not due to project viability, but mainly down to lack of appetite, particularly from the High Street.”
