LendInvest
, the London based buy to let finance and bridging finance platform, has provided a £3.8m development loan for a residential scheme.
The borrower, Sundial Properties Limited, wished to refinance a bridging loan to purchase a site in Edinburgh city centre. They also required funding for a conversion to turn the building on site into apartments.
With a quick turnaround, a 24-month term was agreed for a £3.8m loan at 83% LTC and 65% LTGDV.
William Gray Muir, managing director at Sundial Properties Limited, said “The funding request was complex because of the structure of the acquisition, but LendInvest was always proactive in finding practical solutions to the unusual features of the purchase.”
“I think a notable feature of LendInvest is the experience and approachability of all of their staff, which has made completing the acquisition during such a difficult time remarkably stress free.
“Staff made the effort to understand our business and track record and were prepared to structure the transaction to suit our specific needs and experience.”
James Russell, relationship director at LendInvest, commented: “Sundial approached us with this funding proposal which required a quick turnaround to secure the purchase prior to planning being granted, and then the ability to leverage off the value of the property with planning when it came time to transition to development funding.
“Peter McDermid, our Scotland-based BDM, was able to step up and provide the bridging [facility] in a quick turnaround and from there, I commenced work on the development funding by using all the same professional reports provided for the bridging loan.
“We recognised Sundial Properties as a high-calibre developer in the Edinburgh market and, given their borrowing history, it was a chance for us to fund another quality developer; we are hoping this will lead to a long, successful relationship.”
Original article featured here…
LendInvest recently announced that they have partnered with Jumio to make applying for a loan quicker and easier, using their biometric-based technology.