LendInvest development

LendInvest funds its largest development deal in key Crossrail town

LendInvest has completed a £16m deal – its largest development finance deal to date – after providing funding to a developer looking to build 66 homes in a town set to benefit from Crossrail.

The lender has provided a total loan provision of £16m to Kearns Property Management and Development Ltd for the project in West Drayton, Hillingdon (pictured above).

The total gross development value of the project is forecast to exceed £31m.

LendInvest has been working with the developer since June 2016, when it provided a bridging loan to acquire the site while the client applied for enhanced planning permission for 53 homes.

The developer then subsequently transitioned to a £16m development loan to finance the construction.

Once the construction began, LendInvest provided a further £4m to allow the developer to acquire a neighbouring site which became available, on which he will develop 13 new homes.

“Our role is to ensure we are offering both the products and the service that provides our developers with the funding and support they need at each touchpoint of their journey,” said Steve Larkin, director of development finance at LendInvest.

“From planning to completion, we know that working closely with a borrower and understanding their end vision is the best way to do this.”

Peter Kearns, owner of Kearns Property Management and Development Ltd, said that LendInvest had been a fantastic partner to work with since the beginning of the development.

“Their flexible approach allowed us to finance the development through from pre-planning to enhanced planning.

“The team has been brilliant and, more importantly, they are always on hand to help every step of the way.”

Steve concluded by adding: “Being able to back such a large development in a prime location is [a] great feeling.

“It counts massively towards our overarching goal of tackling the housing crisis in Britain.”

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