Tuscan Capital provided a £5,250,000 loan at 72.5% LTV in order to release equity from this development scheme as a deposit for another opportunity that arose.
The loan was secured against a large portfolio of high spec apartments in Harrow and new build houses across Hertfordshire.
Monies were required quickly as the client needed the funds to secure a deposit for a business opening that had quickly appeared out of nothing. The client and Tuscan worked hand in hand to resolve matters such as finalising the S106 agreement and details regarding shared ownership. Eventually, the loan was completed albeit there were 9 Conditions Subsequent, showing the pragmatic approach to deals taken by Tuscan.