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Development Loan
Newquay – Nine Apartments
Location - Newquay
Property Value - £2,400,000
Loan Amount - £1,600,000
Loan Type - Development
LTGDV - 67%

ABC provided senior debt in co-operation with another funder who provided a mezzanine loan. The site, in a prime location in Newquay, had planning permission for nine apartments and included works commenced by the vendor. A loan was provided to finance the purchase, the remaining construction and accrued interest.

Construction is being undertaken by an associated company of the developer under a JCT contract with a period of eight months for practical completion. Repayment will be from sales, which negotiations have continued through the construction period with all units now under offer at prices 10% higher than the developer’s original appraisal.

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