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COMPLEX DEVELOPMENT EXIT FINANCE


Client:

An impressive HNW developer requiring an exit from existing development finance after completing his second block of flats overlooking the sea in Saint Austell.

Requirement:

Our client wanted to complete a complex transaction of £1.6m to refinance his existing debt on the development of sea-view flats, whereby the finance was to be over 7 of the 8 leaseholds being created, not the freehold block itself. With numerous additional complications along the way, including technical issues with the existing planning permissions as well as Covid-19 causing upheaval at the last minute, our commercial team worked tirelessly to resolve each obstacle that they faced with professionalism and efficiency, determined to complete the loan before their time ran out.

Facility:

A bespoke service was provided whereby yet again, Coreco Commercials’ professional relationship with One Savings Bank saw all initial complexities agreed, and further assisted when more were thrown up down the line. Pushing until the very last hour of the very last day, Coreco Commercial succeeded in getting the deal completed 7 months and 2 weeks after it started. It is safe to say it went down to the wire, and both the client and the broker team were elated with the outcome.

Broker team: Julian Ingall/Molly Smith

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