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

Family Building Society expands borrowing capacity with revised affordability model

Family Building Society has increased borrowing power for owner occupier mortgages by up to...

LeadCrowd launches discounted lead marketplace for brokers

LeadCrowd has expanded its platform with the launch of a new marketplace selling discounted...

Vickers Young joins Stonebridge as firm pursues long-term expansion

Mortgage and protection firm Vickers Young has joined the Stonebridge network as it accelerates...

Finova warns specialist buy-to-let demand risks being held back by gaps in lender support

New analysis from Finova suggests that, despite strong margins and lower perceived risk, specialist...

AMI Protection Viewpoint 2025: Reigniting the protection journey

Making protection relevant and keeping customers engaged is a vital part of the advice...

Latest publication

Other news

Family Building Society expands borrowing capacity with revised affordability model

Family Building Society has increased borrowing power for owner occupier mortgages by up to...

LeadCrowd launches discounted lead marketplace for brokers

LeadCrowd has expanded its platform with the launch of a new marketplace selling discounted...

Vickers Young joins Stonebridge as firm pursues long-term expansion

Mortgage and protection firm Vickers Young has joined the Stonebridge network as it accelerates...