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Property Development Facility

Updated: 19th January 2007 (PM)

For: Development facility to build 20 self-contained, 5-bedroom flats for the student market.
Location: Leicester
Amount: �2,000,000

Client is converting his existing factory unit into flats and also building a new block of flats on land he owns adjacent to the factory.

The property is in a prime location, opposite a major University.

The client's existing bankers were only prepared to fund the development on a phased basis. Our deal enabled the client to build out in one operation, saving considerably on build costs.

A 15 year repayment facility was agreed at bank base plus margin 2%