Case Study: Kentish TownBridging
The development consisted of three new build luxury homes, two 4-storey 4-bedroom houses and one 3-storey 4-bedroom house.
Funding Requirement – Davon initially structured a combination of senior debt and mezzanine facilities for the acquisition and development of the scheme.
At the end of the project, two units had sold and Davon was asked to arrange a bridging facility to allow time for the remaining unit to be sold or let. The developer required a bridging facility to repay remaining development funding and allow time to sell or let the property
Facility Provided – A bridge to let facility of £1,454,800 was arranged that provided the flexibility for the property to be either sold or rented. The facility was provided on competitive terms with no early redemption costs if repaid within 7 months of drawdown beyond which there were some redemption costs through to end of the 3-year term.