FIBA Partner LendInvest finances £12 million development project in Somerset
21 Feb 2020
LendInvest, the UK’s leading non-bank property finance lender, has funded a £12 million development finance loan in under eight weeks, with a repeat LendInvest borrower.
The site is in Wedmore, Somerset - a sought-after location that attracts many visitors every year and was recently hailed as the most attractive village in the county.*
LendInvest provided finance for the majority portion of a 55 home residential development. The full scheme is a mix of two, three, and four bedroom homes, 40% of which is affordable housing.
The total loan provision for this site is £12 million based on an LTC of 90%, with the total GDV for the development forecast to exceed £19.6 million. The loan completed within a tight eight week time frame to meet the borrower’s timeline.
The borrower first became a client of LendInvest in 2017, and has now completed a total of five loans with the lender.
Melanie Omirou, Group Managing Director at Acorn Property Group said: “It’s always a delight to work with the team at LendInvest. After working together on a number of key deals over the last couple of years, we thought of them immediately for this development.
“Speed was crucial for this project, and from beginning to end the team worked swiftly to facilitate the loan in a tight timeframe. We’re currently working on more exciting projects with LendInvest - long may the relationship continue.”
Ian Thomas, Co-founder and Chief Investment Officer at LendInvest, added: “Given the desirable location and the borrower’s extensive experience delivering quality projects nationally, we were delighted to get the opportunity to finance this project.
“The borrower was operating within a tight timeframe, requiring the team to move quickly and work closely with the borrower to get the funding in place. Here at LendInvest we are lucky to have a team possessing a wealth of expertise and more importantly, the experience of dealing with a wide variety of projects.”