Wimbledon

Peritus completes development facility for high-value house in Wimbledon



Peritus Corporate Finance has completed a new development facility for a single, high-value house in Wimbledon, London.

The £1.38m loan is set to be used for the rear garden purchase and build of a large detached house over the basement, ground- and first-floor levels.

The site is close to Kings College School, Wimbledon Common, and the Royal Wimbledon, and has a GDV of over £2.5m.

The developer has experience in high-value properties but Peritus claimed that, in the current market, very few lenders are able to consider single units.

The brokerage worked with the developer to create a strong professional team and find a contractor which could deliver a high-specification product and could provide a contract sum in line with the budget.

The brief from the client was to source a lender which would offer terms on single assets and would also be willing to fund a second scheme in a similar location with an end value of £6.45m, delivered by the same professional team.

Peritus found a specialist lender which could consider both schemes in quick succession based on utilising the same team across both sites,

The finance provider lent at 54% LTV on an 18-month term.

Michelle Dean, senior relationships manager at Peritus, commented: “Funding for high-value single units has been challenging for some time now. 

“We were delighted to find a progressive and understanding lender who could consider both schemes and who performed efficiently throughout the process leading to our first completion, with the second completion due in short order.”


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