Arc & Co secures £5m loan from West One Tunbridge Wells scheme
Arc & Co and West One have completed a £5m bridging loan to refinance a development opportunity in Tunbridge Wells, Kent.
The scheme comprises 11 residential properties and a vacant Grande II-listed building, with potential to be converted into an assisted living unit.
The client required the facility to refinance their existing bridging debt, as well as market the residential units and the development opportunity after securing planning permission.
West One agreed the 40% LTV bridging loan over a 12-month term, which was secured against 11 residential units and the Grade II-listed building.
Tom Berry, Asset Finance Advisor at Arc & Co, said:"As ever, we are pleased to be able to support developers in bridging forward quality opportunities.
"This new facility will provide vital short-term working capital and a smooth exit for our client."
Michael Grant, Head of Sales of Bridging and Development West One, added: "Working with Tom is very easy - you know that you are getting, [and he was] responsive and pragmatic in his approach to ensure myself and Greg [senior underwriter at West One] knew exactly where we stood throughout the transaction."