Residential development finance for new-build flats, Reigate
A well established and experienced developer approached us with a development opportunity in Reigate. The site had planning permission in place for 8 new build flats in a popular location close to the local station. The client had senior debt arranged through Close Brothers who had recommended he approach us.
We provided the balance of the funds required to complete the development by way of a second charge mezzanine loan secured against the site and two other buy-to-let assets the client owned, this meant the site was 100% funded.
Despite being a challenging build, the site was finished on time and on budget and the units were all sold at an average of 18% above the initial valuation.