West One agrees £1m development funding deal
West One Loans has stepped in to fund a loan of almost £1m on a highly unusual property construction after the borrower was let down at the last minute by another lender.
The cutting edge, four-storey property, built on private land in Putney, South West London and made entirely from a glass and steel frame, was at first fix stage and up to this point had been entirely funded by the borrower.
West One agreed to supply funding for completing the development, on the basis of a first tranche of £500,000 on an LTV of 38% and additional draw-downs as needed subject to re-inspection of the property.
Duncan Kreeger, a director at West One, explains:
“This was a borrower looking for some creative thinking to fund the completion of his project. Up to this point he had used his own funds to design, plan and construct the property up to watertight stage. For us, it was simply a case of designing a deal that suited both parties; Putney is an excellent area, the property looks stunning and the LTV was very attractive. We built in draw-downs so the client would avoid paying interest on money he was not going to need yet.”
The luxury property is expected to be completed within the next 5 months.
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