Lendhub have completed a £2.5m deal to assist a borrower with a diverse and interesting project. Introduced by Hydra Capital, the 21-month facility was agreed at 66% LTGDV and enabled the developer to purchase a South London, period, mixed-use property with extensive plans to extend and expand the building. The project includes construction of a 4-storey rear extension to create five dwellings and convert the current upper floors from offices to residential units.
Asim Shirwani, Chief Commercial Officer, commented: “This was a very truly multifaceted deal introduced by one of our key partners Demi Shiamishis. Client had agreed to buy a substantial property in South London and was looking for a flexible lender to work with him as the various planning milestones were met. Works included a new build element to the rear, conversion of the upper parts under permitted development and refurbishment of the vacant retail unit and basement – all the moving parts we love in a deal. Having helped the client secure the property we can’t wait to get stuck in with assisting him with the works.”
Demi Shiamishis, Managing Director Hydra Capital, added: “The team at Lendhub were a breath of fresh air throughout this case despite several hurdles along the way. Their commercial decision making however stands out particularly with a flexible approach to the decisions which had to be made quickly.
Thereafter the team worked hard to deliver on their promise and particular thanks should go to Sally O’Loughlin, acting on her first deal following her recent appointment, and Max Herman, both of Lendhub. Thanks also to George Tsielepis of Knight Frank and Lawrence Stephens.