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

Buying costs outpace house prices threefold since 2019

The cost of buying a home has risen more than three times faster than...

Nationwide appoints Kim Dickinson as intermediary product manager

Nationwide has appointed Kim Dickinson as lead product manager for intermediaries. Dickinson brings a wealth...

Metro Bank launches 100% LTV JBSP mortgage

Metro Bank has launched a 100% LTV Joint Borrower, Sole Proprietor (JBSP) mortgage. The mortgage...

Steve Hayes joins Specialist Hub

Steve Hayes has joined the Specialist Hub alongside Mike Brooks, with both now fully...

UTB appoints Frankie Kitchen as BTL key account manager

United Trust Bank (UTB) Mortgages has appointed Frankie Kitchen as a buy-to-let key account...

Latest publication

Other news

Buying costs outpace house prices threefold since 2019

The cost of buying a home has risen more than three times faster than...

Nationwide appoints Kim Dickinson as intermediary product manager

Nationwide has appointed Kim Dickinson as lead product manager for intermediaries. Dickinson brings a wealth...

Metro Bank launches 100% LTV JBSP mortgage

Metro Bank has launched a 100% LTV Joint Borrower, Sole Proprietor (JBSP) mortgage. The mortgage...