We’ve agreed to provide an experienced London property investment, development and management business, with a £28.4 million refinancing facility on a Private Rented Sector scheme in Ilford, London.
Due for practical completion in July 2019, the scheme will deliver 106 residential units for rent and a mix of one, two and three-bed homes. The new facility will refinance the current development loan on the scheme and enable the borrower to complete refurbishment works on the former office building.
Located between Ilford and Seven Kings, within the London Borough of Redbridge, the local area is currently undergoing extensive commercial and residential regeneration. Its desirability is set to increase further with the imminent arrival of Crossrail, with two train stations in walking distance, providing direct access to London Liverpool Street in under 20 minutes.
Secured by way of a first charge on a 24-month term with an LTV of 68%, the loan continues the longstanding relationship between ourselves and borrower, which has experience in delivering and managing similar schemes.
Paul Carmody of Outside the Box Capital Solutions acted as the advisor on behalf of the client.
