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

Busting the myths that stop homeowners protecting their income

In my role at LifeSearch, I spend a lot of time talking to mortgage...

First-time buyers turning to side hustles to bridge deposit gap

Almost half of aspiring first-time buyers are using secondary income streams to help fund...

Vida cuts residential rates and loosens criteria for self-employed and contractor borrowers

Vida has reduced selected residential mortgage rates by up to 106 basis points and...

Iress adds AI underwriting tool to The Exchange in protection push

Iress has struck a deal with The Interesting Life Company to offer an AI-powered...

Property firms still relying on manual checks as AI fraud risk grows

More than half of identity verification checks in UK finance and property businesses are...

Latest publication

Other news

Busting the myths that stop homeowners protecting their income

In my role at LifeSearch, I spend a lot of time talking to mortgage...

First-time buyers turning to side hustles to bridge deposit gap

Almost half of aspiring first-time buyers are using secondary income streams to help fund...

Vida cuts residential rates and loosens criteria for self-employed and contractor borrowers

Vida has reduced selected residential mortgage rates by up to 106 basis points and...