Property finance lender LendInvest has completed a £16m financing deal with established development finance borrower, Yogo Group, in just three weeks.
The development finance loan will fund the part-conversion and rebuild of a Grade II listed building, the former Thomas Lipton Care Home, as well as the construction of new units.
LendInvest completed this loan in record time of three weeks from initial introduction to site purchase, after the borrower was let down at the last minute by another lender. If finance had not been secured immediately the borrower would have lost the site to another potential buyer.
Steve Larkin, director of development at LendInvest, said: “Time is undeniably crucial for any developer. In this instance it was make or break, with the developer facing the prospect of losing a coveted site to other purchasers having been let down by their initial lender.
“Our team went the extra mile to ensure that this did not happen again, delivering fast, and affordable finance in record time.
“Working with an award-winning developer is always a comfort for a lender, and we have full confidence in the Yogo Group to deliver the quality bespoke living spaces they are so well known for.”
After completion, the project in its entirely will deliver 24 apartments and six houses, ranging from one to four bed units of bespoke design and available for first-time buyers.
The site is in Southgate, Enfield, North London and sits in five acres of its own grounds, providing privacy for prospective buyers and tenants.
Construction is expected to be completed by March 2019. The total gross development value is forecast to exceed £26m
George Philippou, managing director of Yogo Group, added: “Yogo Group is delighted to be working with LendInvest to deliver another one of its high quality residential developments in a unique enclave of Southgate.
“We would like to express our immense gratitude to LendInvest who have been extremely supportive of Yogo Group not only by funding the majority of the scheme but also by achieving the unachievable and ensuring a quick and smooth three week completion.
“The service and support provided by LendInvest and its lending managers have been exemplary.”
Daniel O’Neil of SPF Private Clients introduced and advised on the deal.
Source: Mortgage Introducer