Providing Finance for a Residential Development in North London
A first-time developer approached us seeking funding for a ground-up construction project in North London. The scheme involved delivering three high-quality, self-contained apartments with a roof terrace. With planning already secured and works ready to commence, the client required a tailored facility to fund construction and manage interest costs.
Contact AlignHow We Helped: Structuring a Bespoke Solution
By working closely with the principals, we arranged a senior development loan tailored to their needs. The facility provided £665k to fund the construction of three two-bedroom flats and to capitalise interest. It was structured over a 15-month term, allowing 12 months for the build and three months for refinance, with the agreed exit being a long-term facility upon practical completion.
To ensure flexibility and security, the loan featured staged drawdowns. We coordinated with the lender, monitoring surveyors, and solicitors to deliver a smooth process and rapid turnaround.
Outcome
The developer secured the funding required to commence construction immediately. Upon completion of the development, we will arrange for the client to refinance onto a term loan, enabling them to retain the units for long-term rental income and strengthen their family portfolio.