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

House price-to-income ratio falls to 11-year low as mortgage costs rise

The gap between UK house prices and earnings has narrowed to its lowest level...

HSBC UK to examine Budget impact in intermediary economy webinar

HSBC UK will hold an economy webinar for mortgage intermediaries on 30 October, focusing...

Clydesdale to raise selected residential product transfer rates

Clydesdale is increasing selected residential product transfer fixed rates by up to 0.17% from...

Green rent cap plan could squeeze buy-to-let affordability

Green Party proposals to restrict private rent increases for three years could make it...

Firms’ confidence in FCA rises as satisfaction hits 79%

Confidence in the Financial Conduct Authority has increased, with almost eight in 10 regulated...

Latest publication

Other news

House price-to-income ratio falls to 11-year low as mortgage costs rise

The gap between UK house prices and earnings has narrowed to its lowest level...

HSBC UK to examine Budget impact in intermediary economy webinar

HSBC UK will hold an economy webinar for mortgage intermediaries on 30 October, focusing...

Clydesdale to raise selected residential product transfer rates

Clydesdale is increasing selected residential product transfer fixed rates by up to 0.17% from...