We are very pleased to share that Lawrence Stephens successfully acted for bridging lender Tuscan Capital, enabling them to fund an urgent £2.2m developer exit bridge in just five weeks. The high-pressure case was introduced Read more...
We are very pleased to share that Lawrence Stephens successfully acted for bridging lender Tuscan Capital, enabling them to fund an urgent £2.2m developer exit bridge in just five weeks.
The high-pressure case was introduced by Marcus Wood, principal of advisory firm River Commercial, following the developer’s exchange of contracts for the purchase of a site in North London. Their client had been faced with a number of delays due to the impact of Covid-19 and the government’s subsequent lockdown measures. As a result of these delays, they had been unable to finalise an existing 20-home residential project in the North West of England.
Facing extreme time pressures, Lawrence Stephens’ Real Estate and Secured Lending Partners, David Freedman and Steven Bernstein, worked closely with Tuscan Capital to facilitate their refinancing of the overrunning development, and the release of extra capital to enable the acquisition of the north London site.
The 12-month term bridging loan was completed at 65% LTV and was secured solely on the asset in the North West of England. The loan will be repaid from the sale of the site’s remaining eight homes, which are on track for completion in the coming months.
Real Estate and Secured Lending Partner David Freedman comments:
“We faced immense pressure to complete this deal within a short timeframe, and the hard work and dedication that was shown throughout the process was rewarded by the loan completing. This deal serves as a perfect reminder of the challenges the bridging sector faces as a result of the pandemic, and demonstrates the unwavering commitment by those working to keep these exciting development projects running.
“It couldn’t have been possible without a committed lender client, so we’d like to thank Colin Sanders and the entire Tuscan Capital team for their excellent communication, close collaboration, and trust in us to get this deal over the line.”