A development broker rounded off 2013 with a £12 million loan on a development project.
Positive Development Finance completed the deal for a mixed use scheme on the South coast has been funded by a private lender.
The funding was placed at over 70% Loan to Value on day one to refinance the current mortgage, then followed by 100 per cent Loan To Value on build costs. This provided a total facility at 65 per cent of Gross Development Value.
The owners had struggled to get the project financed for years, after the original High Street lenders pulled the facility shortly after the purchase of the property.
John Waddicker director at Positive Finance comments: "Our strength is in the variety and range of funding sources we have, and the relationships we have with such lenders.
"We have had a number of high profile cases where facilities have been removed from existing backers, not due to project viability, but mainly down to lack of appetite, particularly from the High Street”.
Despite this John Waddicker said: “This year has been phenomenal in terms of applications and completions, with enquiries coming from a large number of introducers throughout the country, as well as directly from developers as our profile continues to grow. "
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