Somerset
Development Exit Loan
- Loan
- £7,048,000
- LTV
- 80%
- Product:
- Bridging Finance
- Borrower Type:
- Mid-size Developer
Mortimer Street Capital structured a £7.1m development exit facility with a challenger bank, secured against a residential development just south of Bristol.
The facility is secured over seven completed units, four of which are sold subject to contract, together with two additional plots currently at damp proof course stage.
The scheme delivers modern living accommodation finished to a high standard throughout, including the latest smart home technology. Each home carries a Zero Bills guarantee for ten years under the Octopus Energy Zero Bills initiative, giving purchasers certainty over energy costs for a decade from completion.
Funds were used to redeem the existing development finance facility and to release capital for the developer’s further site acquisitions, allowing the borrower to move onto its next schemes without waiting on the remaining sales to complete.
