Development exit loans are designed for developers whose project has reached practical completion, and are looking for short-term, lower-cost funding while they conclude the marketing and sale of their property. Since launching development exit loans in late October, demand has been high. It makes sense to developers, as our first completed deal shows us.
Borrower: Experienced property developer
Location: Fulham, Southwest London
Product: Development Exit Finance
The borrower was an experienced developer and new to LendInvest. He was seven months into a twelve-month development finance loan from another specialist finance lender to fully renovate a two-bedroom apartment in Fulham, Southwest London.
Having reached practical completion, the borrower was looking for cheaper finance until the apartment could be sold.
In the course of just three weeks, we worked with the borrower to move seamlessly from initial enquiry to full drawdown.
The loan is based on a 70% net LTV and lasts for nine months with rolling interest charged at 0.7% pcm. By moving onto a LendInvest development exit loan, the borrower is saving himself 30 basis points per month in fees.
Have you got a similar case you are trying to place? If so, get in touch.
Alternatively, find out more about our development exit loans here.