West One Loans completes its largest ever development finance facility
Guy Murray - Head of Development Finance
West One Loans has completed on a £31.2 million development finance facility – the largest transaction in its history – to fund a major new residential led project in West London.
The initial funds were used to purchase the site with the plan to demolish the existing structure and build 88 flats across two blocks, including commercial units at ground floor level. The Gross Development Value (GDV) of the scheme is £48m and the site is in Acton, West London.
This is the sixth scheme that West One has funded for the developer, who has a proven track record of delivering quality schemes on budget and on time. Senior portfolio manager, Michael Cunningham, and assistant portfolio manager, Jamie Peacham, worked tirelessly to structure this complex deal over several months to ensure a smooth transaction to meet the developer’s deadline.
West One entered the development finance sector in 2018 and has gone from strength to strength. In late 2022, West One development finance celebrated surpassing £500m of lending since inception and has continued to see tremendous growth throughout 2023. Over the past five years, West One’s development finance team has become known for its flexibility and its ability to get large residential-led deals over the line.
The lender’s development finance division offers initial LTVs up to 70%, and funding up to 65% loan-to-gross-development-value and 85% loan-to-cost. It will also fund up to 100% of the build costs.
Guy Murray, Head of Development Finance at West One Loans, says:“We are delighted to complete our largest development transaction to date for a repeat customer who we have funded across five prior schemes.
“It really showcases our ability to fund large transactions with conviction and shows our commitment to helping SME developers build more homes.”
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