LendInvest provides £19m development finance loan

The development finance loan is to be used by the borrower for the first phase of constructing a 120-unit residential development.

The project has planning in place and will offer two to five-bedroom houses for professionals and families in the area.

The total loan provision for the site is £19.3m based on a gross development value of 68%.

From instruction to completion, LendInvest took 60 days to facilitate the development loan.

Construction has commenced on the first phase, with the full project due for completion by the summer of 2020.

It is the third deal LendInvest has completed with the borrower who builds between 250 and 300 homes a year across the UK.

Rebecca Murphy, relationship manager at LendInvest, said: “This is a great example of the team working to a tight timeframe to get the optimum result for a key client of LendInvest.

“The borrower has extensive development experience in this location, and we are pleased to have been able to assist them in contributing to the housing stock in this area through this fantastic scheme.”