Tuscan secure £1,900,000 development exit bridge at 72.5% LTV.

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An existing development facility was refinanced, with funds also provided to complete external works. The property portfolio lent against consisted of 12 units in Barrow-in-Furness.

The development of this former commercial site was well advanced, with the assets completed internally, but saw works delayed due to supply issues as a result of COVID-19. The project had c.£5,000 outstanding works to complete the units and a further £85,000 to complete landscaping and groundworks. Our loan with the client meant that the practical completion was reached in 8 weeks, with our term serving as a development exit bridge as the existing facility did not allow for a sales period following the delays.

Broker Comment...

Sam Le Pard of Lexi Finance said:

"It's great to have completed another transaction with Tuscan. The team were incredibly flexible, and solution focused, enabling the borrower to refinance prior to practical completion. As ever, Tuscan took a practical approach to lending. My thanks to the whole team for their work driving the transaction forward."

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