Case Study: Tulse Hill, LondonMezzanine / Senior Debt
Our developer acquired a 6 bedroom 1,950 sq ft period semi-detached property arranged over three floors. The property, located in a south west London, needed extensive renovation and had potential for some extension. The developer designed a sympathetic refurbishment that took advantage of all the key period features and introduced modern touches and maximized the floor space by creating an extended kitchen/dining room and grand master suite.
Funding requirement – The developer required a combined debt and mezzanine facility to provide a high level of funding to keep the equity requirement for the scheme to a minimum.
Facility provided – Davon could source a stretched senior debt facility to work alongside a mezzanine facility provided by its sister company Davon Investments with the combined facilities providing circa 70% of GDV which, as a percentage of costs, equated to circa 92%.