Sancus has recently completed a £13.9m loan to support a housing development in Wisbech, Cambridgeshire.
The developer has full planning consent for 117 units, consisting of 56 bungalows, 23 affordable units (mix of bungalows and terraced houses) and 38 apartments, with a total GDV (Gross Development Value) of £26.395m.
Sancus provided the 24-month loan, with a 78% LTC (development facility only) for the first phase of the development.
The loan was introduced to Sancus by Matthew Dailly of Tiger Financial, the London based specialist property finance broker.
Dailly said: “After careful consideration, we selected Sancus as our lender of choice. We were impressed that Sancus immediately saw the developer’s vision and what they were trying to achieve. They proved to be a sympathetic and understanding lending partner and their flexibility certainly contributed to the success of the deal.
“Sancus’ pro-active approach and the company’s efficient credit committee process allowed us to complete the loan despite multiple challenges along the way. A truly dynamic lender which we will have pleasure recommending again in the future.”
Richard Whitehouse (pictured), director of Sancus UK, added: “This was a speculative scheme, with no pre-sales and, as in common with all development projects our due diligence brought up some unexpected factors. We pride ourselves on our high level of expertise and tenacity, so we worked with Matthew and his client to resolve those points. In this case that meant we increased the size of the facility and our LTGDV / LTC levels, something we were happy to do based on our detailed dialogue with the client and their development team.
“We are delighted to have been able to supply the finance to support this substantial development in Cambridgeshire. With demand for housing across the UK still not being met by supply, it is encouraging to see projects of this size coming to market.
“We have enjoyed working with Matthew and the team at Tiger Financial and look forward to being able to support them and their clients on future projects.”
