Arc & Co sources £5.65m from West One for Surrey residential scheme
Specialist debt advisor Arc & Co has arranged a new £5.65m development loan with West One to finance the completion of a 29-unit residential scheme in Surrey.
The facility will enable the borrower to complete the construction work on the part-built development and refinance a loan from a third-party lender.
Agreed at 65% LTGDV over an 18-month term, the deal was finalised just one month after the first enquiry.
The loan will be paid back once the homes have been built and sold.
Tom Berry, asset finance advisor at Arc & Co, said: "The speed with which we were able to work with the client and West One to finalise this facility highlights the benefits of mutual trust between all parties.
"Refinancing a part-completed development project can bring its own quirks to overcome and it is pleasing to have reached a solution that works for everyone."
Alan Coleman, portfolio manager at West One, added: "Being able to get this facility in place within 28 days of Tom sending me the enquiry and 22 days from the application being received, is testament to the relationship which we have built with Arc & Co.
"Trust and confidence that a lender is able to get loans underwritten and completed quickly, regardless of complexity, is now more important than ever."