Development Exit - Block of Flats

Charleston were approached by our client to assist in the exit of a development loan on a block of 5 flats.

The development loan was to a trading business, rather than a standard SPV, and therefore ruled out most of the usual lenders we could approach.

Property Value of £1.675m and the client required a loan amount of £886,875 on an interest only basis. The remaining flats were still under the freehold title and we were able to secure drawdown without the need to create individual leasehold titles.

 We were able to secure interest only terms on the basis of a 5yr fixed rate @ 3.45% with a 1.25% lender fee.

Customer Requirements

Financial Package Delivered