MULTI-MILLION POUND RE-FINANCE LOAN GIVES DEVELOPER MORE TIME TO COMPLETE SALE OF 7 LUXURY APARTMENTS

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Tuscan Capital provided a £4m re-finance facility for an expiring development loan, so enabling the developer more time to sell.

An experienced regional developer completed a high-end executive development of seven luxury apartments on the South Coast in summer 2018. As the property market was proving challenging, and with only one apartment sold at the point the development facility was due to expire, Tuscan Capital agreed to refinance the development loan and provide an extended term for the remaining apartments to be marketed for sale.

Broker Comment...

Adrian Coles (Managing Director of Commercial Mortgage Solutions) said:

The Tuscan team delivered a bespoke funding facility which met the developer’s requirements in a challenging market. The deal was put together in just a few working days which, with a few twists and turns in the process, proved Tuscan’s ability to be flexible and pragmatic to get things done. We were impressed by our first experience of Tuscan Capital and will be keen to do more with them in the future.

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