Bridging lender Glenhawk has completed a £2.1 million finish and exit loan for a four-unit barn conversion project in Northumberland.
The borrower required additional time to complete, market and sell the properties after key members of the development team became unwell during the building work.
Two of the units had been completed, while the remaining two were at a much earlier stage of development.
The loan, agreed at 70% LTGDV, provided sufficient day-one net funding to repay the existing development lender. It also included a £611,000 drawdown facility to complete the two unfinished barns.
The deal was originated by Ryan Brewer, business development manager for the North at Glenhawk, and underwritten by Loulou Rich, underwriter at Glenhawk. It was packaged and introduced by Steve Toole of NMS Commercial Services Ltd.
Brewer (pictured) says: “Completing this deal was no easy feat; it had a number of moving parts and issues raised late in the transaction – most notably, bats were detected on-site which caused a late hurdle to overcome, but thanks to superb work from Loulou, we were able to get comfortable to proceed (and without changing our loan terms).
“We would like to extend a huge thanks to Steve and his team for trusting us with this deal.”
