Lendhub has completed a £4.76m development exit facility for a returning borrower.
The specialist lender originally provided the borrower with a £2.4m development facility. The borrower then reached out to Lendhub to provide them with a development exit facility for the now-completed project.
The facility, confirmed at 66% LTV on an 8-month term, allowed the borrower to refinance the development of 12 flats in Bethnal Green, London.
The units, previously consisting of 1 and 2-bed flats, have now been developed into a 12-flat scheme comprising 1, 2, and 3-bed flats, totalling 8800 square feet.
Lendhub’s Development Exit product provided the borrower with the extra time needed to sell the units while the market settles.
Christopher Adamou, Lendhub CEO & Founder, comments; “Lendhub is soaring through 2023 and I’m proud to be announcing yet another completion.”
“It’s always a pleasure to welcome back borrowers and to be part of the full life cycle of a project, especially in this case where we funded the development, saw the scheme come to life, and now we are assisting our client with the marketing and sale of the units.”
“We are well capitalised and can offer certainty of funding, meaning we always follow through on our promises to our clients. It’s down to our reliability and flexibility that we see borrowers returning to Lendhub time and time again.”
