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

Bristol leads LISA house purchase hotspots as activity spreads across UK

Bristol, Belfast and Sheffield were the most popular locations for Lifetime ISA-backed first-time buyer...

Conveyancers set out reform priorities in response to estate management consultations

The Conveyancing Association has outlined practical reforms to improve transparency and reduce delays in...

Twenty7tec adds two to marketing team

Twenty7tec has appointed Ellisha Jade and Sam Cane to its marketing team as it...

Stamp Duty receipts from homebuyers rise to £995m in February

Homebuyers paid £995m in Stamp Duty Land Tax in February, up from £899m in...

Targeted Support may encourage more savers to seek financial advice

Nearly half of independent financial advisers believe the Financial Conduct Authority’s new Targeted Support...

Latest publication

Other news

Bristol leads LISA house purchase hotspots as activity spreads across UK

Bristol, Belfast and Sheffield were the most popular locations for Lifetime ISA-backed first-time buyer...

Conveyancers set out reform priorities in response to estate management consultations

The Conveyancing Association has outlined practical reforms to improve transparency and reduce delays in...

Twenty7tec adds two to marketing team

Twenty7tec has appointed Ellisha Jade and Sam Cane to its marketing team as it...