The client had built eight, high-quality residential properties in the south-coast town and required development exit funding on three of the units to generate capital for future projects and to pay off an existing development facility.
The deal was structured on a nine-month loan term at 75% LTV with a rate of 0.85% per month.
The specialist short-term lender recently completed a record month for lending in March, as well as its biggest completion to date.
- Oblix reports record-breaking month
- Oblix completes its largest development loan
- CapitalRise funds its first development exit loan
Adam Powell, director of business development at Oblix, said: “Remaining flexible and efficient to meet our client’s requirements forms a big part of the strategy here at Oblix.
“The team took each challenge faced by the client into account, while ensuring we structured the loan on its individual merits.
“A big thank you goes out to our risk team, who put the deal together with the utmost flexibility, clarity and approachability.”
Andy Reid, sales director at Oblix, added: “After a great finish to the financial year, it’s imperative we continue with the same enthusiasm, appetite and focus.
“This development exit deal demonstrates our ability to remain flexible without compensating on client satisfaction.”