Property Value (GDV): £12,250,000
Total Costs: £8,400,000
Total Gross Loan Facility: £9,200,000
Charge: 1st & 2nd (Senior & Mezzanine)
Term: 2 years
Product: Senior & Mezz Development Facility
The client was looking to purchase a development site with planning permission to build 43 new build apartments and needed a loan to assist with both the acquisition and development of the site.
The client didn’t have enough equity to fit into any senior debt lenders criteria and therefore needed a mezzanine/equity provider to make up the shortfall.
We managed to structure a senior and mezzanine debt package, which meant that the developer could complete the acquisition with minimal cash equity and is on target to make a 284% return on their investment!