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.

[tds_create_account btn_bg_h="#000000" f_text_font_family="global-2_global" show_version="" tdc_css="eyJhbGwiOnsiYm9yZGVyLXJhZGl1cyI6IjUiLCJkaXNwbGF5IjoiIn19"]

Latest articles

Mortgage rates face further pressure as inflation rises to 3.1%

Mortgage rates could face further upward pressure after UK inflation climbed back above 3%...

OneDome takes integrated homebuying service nationwide

OneDome has launched a national television campaign promoting its integrated homebuying service, which brings...

Buyers put greater premium on energy-efficient homes

Energy efficiency is playing a growing role in homebuying decisions, with almost three-quarters of...

Almost half of Help to Buy borrowers could not have bought without scheme

Almost half of Help to Buy customers would not have been able to purchase...

Mortgage debt weighs on retirement plans as pension savers look to ‘clear the decks’

Mortgage debt is emerging as a significant concern for people approaching retirement, with new...

Latest publication

Other news

Mortgage rates face further pressure as inflation rises to 3.1%

Mortgage rates could face further upward pressure after UK inflation climbed back above 3%...

OneDome takes integrated homebuying service nationwide

OneDome has launched a national television campaign promoting its integrated homebuying service, which brings...

Buyers put greater premium on energy-efficient homes

Energy efficiency is playing a growing role in homebuying decisions, with almost three-quarters of...