District & County Investments has provided a £2.47 million net development facility for a mixed-use refurbishment and conversion scheme in Stoke Newington, London.
The 18-month facility will support the borrower in progressing a project that had previously stalled after another lender withdrew because of the Grade II listed status of the building.
DCI said the scheme had clear underlying fundamentals but required a more detailed approach to underwriting because of the complexities associated with listed building works and the delivery programme.
The lender assessed the borrower’s track record in similar refurbishment and conversion projects, alongside a detailed review of the asset, listed building considerations, construction costs and programme.
The review was supported by monitoring surveyor input and allowed DCI to proceed where more criteria-led lenders had been unable to support the transaction.
The facility was structured at below 60% loan-to-gross-development-value, with the primary exit strategy being refinance on completion. The structure also allows the borrower to deleverage through unit sales if required.
DCI said the transaction was delivered at pace, giving the borrower certainty on a time-sensitive opportunity.
Michael Clifford, commercial director at District & County Investments, says: “This was a scheme where the fundamentals were clear, but it had fallen out of another lender’s process due to the listed building.
“By taking a more pragmatic view and really understanding both the asset and the borrower’s experience, we were able to move quickly and structure a facility that works in practice, not just on paper.”
Annabel Crawshaw (pictured), director of operations at Credicus, adds: “DCI were a pleasure to work with on a recent refinance of a Grade II listed asset. We were on a tight redemption deadline, and the client required funds quickly to commence their project.
“DCI are a proactive, solutions-driven team which ensured a seamless and efficient completion.”
