LendInvest has provided a £909,000 development facility to support the completion of two semi-detached houses in Harpenden, Hertfordshire.
The developer sought alternative finance after its previous lender withdrew midway through construction.
LendInvest said the facility was arranged at 46% loan-to-gross-development-value over a 15-month term. The loan was drawn down in June and practical completion was reached in August.
Dan Lohn, relationship manager at LendInvest, says: “The team at LendInvest is committed to providing SME developers with the certainty and speed they need, especially when they are faced with unexpected hurdles.
“Stepping in to support this part-built project after the previous lender wasn’t able to accommodate the deal highlights our ability to move quickly, flexibly and decisively.
“We’re thrilled to step in and support this project and deliver on these two beautiful homes in such a lovely part of Harpenden.
“It’s a further testament to our ongoing mission to support developers in overcoming challenges and bringing quality new housing to the UK market.”
