£25 million finance for 100% speculative UK residential development
Our client required 100% development funding for a phased 48 house development in this prestigious London suburb. Rather than arrange a typical structured package with different lenders (senior, mezz and equity) requiring inter-creditor agreements and three different sets of solicitors, we were able to bring a lender new to the UK market which was able to fund the whole development under one facility.
The developer was offered two different JV structures:
- 50/50 pari passu profit share between developer and lender
- 45/55 profit share with lender taking priority smaller return
Our client selected the second option.
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