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 growth slows to 0.8% as market loses momentum

Annual UK house price growth slowed sharply in September, while prices also edged lower...

Barclays urges policy action to unlock home energy efficiency upgrades

High energy costs are increasing demand for more efficient homes, but the cost of...

Brilliant Solutions joins Equity Release Council as later life market broadens

Brilliant Solutions has joined the Equity Release Council as the mortgage club and specialist...

Former LMS chief Nick Chadbourne takes chair role at Novus Strategy

Nick Chadbourne, the former chief executive of LMS, has joined mortgage and homebuying consultancy...

Vernon appoints Anthony Murphy to board and audit role

Vernon Building Society has appointed former Nottingham Building Society finance chief Anthony Murphy as...

Latest publication

Other news

House price growth slows to 0.8% as market loses momentum

Annual UK house price growth slowed sharply in September, while prices also edged lower...

Barclays urges policy action to unlock home energy efficiency upgrades

High energy costs are increasing demand for more efficient homes, but the cost of...

Brilliant Solutions joins Equity Release Council as later life market broadens

Brilliant Solutions has joined the Equity Release Council as the mortgage club and specialist...