Hilco provides £21.3m dev exit loan

Published on

Hilco Real Estate Finance (HREF) has provided a family-owned London property developer with a £21.3m development exit loan.

The specialist bridging lender furnished IndigoScott with a 24 month loan at 75% loan to value.

It allowed the developer to resolve a complex inter-creditor position and complete its marketing and sale of the Abbey Wall scheme in South West London.

“This loan gives our client time and flexibility to sell down the scheme and deliver vital housing supply in the local area”

The loan, the fourth lending transaction completed by HREF in the last few weeks, is secured against the partly sold 66-apartment new-build residential block, which includes a ground floor commercial unit.

Charlie Job, associate at HREF, said: “This loan gives our client time and flexibility to sell down the scheme and deliver vital housing supply in the local area. They have developed a high-quality project that is already part sold, demonstrating strong local demand, and we expect this to continue as residential transaction volumes stabilise.”

COMPLEXITY

Jeremy Scott, director of developer IndigoScott, added: “Hilco were able to quickly grasp the complexity of the case and provided an innovative and creative funding structure. Their communication was excellent and they remained closely engaged and supportive throughout the transaction.”

The transaction was introduced by RockCap director Alex Lundberg, with valuations undertaken by Gerald Eve LLP, and Daniel Fireman of Gunnercooke leading the legal due diligence for HREF.

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

LSL appoints Matt Surridge to new broker propositions role

LSL Financial Services has appointed Matt Surridge as propositions director, a newly created position...

BMPAN introduces industry framework to tackle barriers to career progression

The Black Mortgage Professionals and Allies Network (BMPAN) has launched a new framework aimed...

Scottish BS and Malted AI recognised for customer service technology

Scottish Building Society and Edinburgh-based fintech Malted AI have won the Best Fintech Collaboration...

45,000 Lifetime ISA savers hit by repeated withdrawal penalties

Around 45,000 Lifetime ISA savers incurred more than one withdrawal penalty during the 2024-25...

Keystone’s Phil Riches to retire after 50 years in financial services

Phil Riches is to retire as sales director of Keystone Property Finance later this...

Latest publication

Other news

LSL appoints Matt Surridge to new broker propositions role

LSL Financial Services has appointed Matt Surridge as propositions director, a newly created position...

BMPAN introduces industry framework to tackle barriers to career progression

The Black Mortgage Professionals and Allies Network (BMPAN) has launched a new framework aimed...

Scottish BS and Malted AI recognised for customer service technology

Scottish Building Society and Edinburgh-based fintech Malted AI have won the Best Fintech Collaboration...