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Development Finance
Location - Corby, Northants
Value - £1,250,000
Loan Type - Development Finance

A well respected firm of ground workers own a significant land holding on which they have obtained planning permission for a phased residential development.

The site falls into three parts, the first under construction but not financed by ABC, the second a plot for 15 houses and the third a significant site for future development.

ABC has previously provided a bridging loan for the third phase and has now provided finance for the development of the first phase of the 15 plots. To enable ABC to provide 100% of development cost, the two loans have been cross collateralised so generating the developer’s equity in addition to the senior debt.

Issues:

  • Negotiation with the third party lender in connection with their debenture over the borrower
  • Funding the equity with additional security
  • Retained interest
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Individually structured development finance for residential and commercial projects
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