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

Cutting stamp duty will make the housing crisis worse

Every time the housing market stalls the same thing happens and people call for...

LendInvest bolsters residential and BTL broker support with Glasgow team expansion

LendInvest has expanded its commercial support team with a particular focus on helping brokers...

Hackathons test property data sharing in homebuying push

Proptech firms have tested how property data can be shared across the home-moving process...

Foundation refreshes buy-to-let range with new products and rate cuts

Foundation has refreshed its buy-to-let mortgage range with new products and rate reductions across...

MorganAsh urges financial services firms to improve support for unpaid carers

MorganAsh has backed a new Carers UK blueprint aimed at building more carer-friendly communities,...

Latest publication

Other news

Cutting stamp duty will make the housing crisis worse

Every time the housing market stalls the same thing happens and people call for...

Halfway through the year, are you getting enough from every client?

The halfway point of the year is always a useful time for advisory firms...

LendInvest bolsters residential and BTL broker support with Glasgow team expansion

LendInvest has expanded its commercial support team with a particular focus on helping brokers...