Tuscan Capital provides £3.7m Holiday Let Development Exit Loan Facility
£3,700,000 Development Exit Bridge
Tuscan Capital refinanced a Development Facility for a project based in Hope Cove, an Area of Outstanding Natural Beauty (AONB) near Salcombe, South Devon
The completed project consisted of 15 seafront flats, which had been built on the site of a demolished former hotel. Our security consisted of 9 of these units, all of which had restricted holiday let use, and a manager’s flat with seafront views.
The development included 5 further residential flats that were sold off on long leasehold titles, that Tuscan did not lend against. The capital provided, at 70% LTV, cleared the current development finance facility and paid off the client’s business partner.
The broker, Ed Wylie of Forecast Finance contacted Tuscan Capital as they had worked together previously and was therefore confident, they could operate within the client’s tight timeframes.
Read the full press release here.
Quote from the broker...
“Forecast Finance were delighted with the service of Tuscan Capital; however, this should come as no surprise. When you have an urgent deadline with many moving parts, you need a lender that not only understands the transaction and its complexities but can come up with practical solutions should a hurdle arise.
The service was brilliant, and all involved in the transaction really pulled it out the bag for the client. A special thanks to Ed Parsons, Andy Reeder, and Dena Thompson.”