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

Landlord sales slow following Renters’ Right Act

The share of homes listed for sale that were previously rented dropped to 9.2%...

Knowledge Bank teams up with Brilliant Solutions for specialist lending cases

Knowledge Bank has formed a partnership with specialist mortgage packager Brilliant Solutions as demand...

FCA urges firms to strengthen product design under Consumer Duty

The Financial Conduct Authority has highlighted examples of improved product governance under the Consumer...

Validate appoints Louise Shute as managing director

Valuation specialist Validate has appointed Louise Shute as managing director as it continues to...

Swap rates fall but funding risks remain, warns Moneyfacts

In a week that saw more than 20 lenders reduce their fixed mortgage rates,...

Latest publication

Other news

Landlord sales slow following Renters’ Right Act

The share of homes listed for sale that were previously rented dropped to 9.2%...

Uncertainty means greater need for client conversations

Last week showed just how quickly events on the other side of the world...

Knowledge Bank teams up with Brilliant Solutions for specialist lending cases

Knowledge Bank has formed a partnership with specialist mortgage packager Brilliant Solutions as demand...