Quirks: The project was larger than all the previous the developer had completed to date and it was a relatively complex development with a ground-up element and numerous party wall awards to consider. High LTC and equity release of sunk costs.
Challenges that arose prior to completion: The residual valuation was lower than expected moving from £3,100,000 to £2,500,00 which resulted in an increase in the day one LTV from 60% to 72%.
Why we funded it: Despite the high leverage and borrower's inexperience undertaking similar schemes, lendhub were able to gain comfort from the borrower's professional team and their ability to secure a pre-let agreement to lease the site upon completion.
Time to completion: 76 days