Peritus

Peritus completes its first exclusive JV transaction



Peritus has completed its first exclusive joint venture (JV) funding deal which has provided £5.5m for the redevelopment of the Barker shoe factory in Northampton.


The JV provided the funding at 95% LTC, while the scheme (pictured above) has a GDV of £7.5m for the first 54 units with the JV partner injecting £163,000 of equity.

The development will see the creation of the units in a historic, red-brick building with additional planning for a further 10 new-build units.

The JV partner will appoint a contractor to carry out the work on site with a projected 12-month construction programme.

Andrew Goodbody, head of debt advisory and structured finance at Peritus, said that this was the first completion for its exclusive JV product where it had additional funds to commit.

“Offering up to 95% loan to cost with a very competitive profit share, we are looking to work with experienced developers in the UK on residential developments which include new build, conversion or PD schemes.”



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