Oblix and LendInvest complete pair of £5m+ deals

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  • 31/01/2019
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Oblix and LendInvest complete pair of £5m+ deals
Oblix Capital and LendInvest have completed a pair of significant deals worth £5m and £7.35m respectively.

 

Oblix Capital has arranged a £5.03m facility to fund the development of six luxury apartments in Chelsea, West London.

The 24-month loan was funded at 75% loan to value (LTV) on the five-storey Victorian house.

It said this would allow the borrower to organise enhanced planning and commence the construction of the six two-bed luxury apartments.

It added that the completion marked a very active period for Oblix with a number of bridging and development completions since the start of the new year.

Oblix Capital sales director Andy Reid (pictured) said: “Working with such an experienced developer eases the entire process and promotes a professional and focused relationship.

“This is a fantastic example of developer and lender working together to maximise the opportunities of the site and the cohesion between our risk department and the client’s project managers ensured the smoothest transaction to funding the development.”

 

LendInvest

Meanwhile, LendInvest arranged a £7.35m bridging loan in under seven days to borrower let down by another lender.

The loan is to purchase a large commercial property in Watford town centre, with the aim of obtaining planning for a primarily residential, mixed use scheme.

The total loan provision for the site is £7.35m with an LTV of 75%.

LendInvest said it stepped in and secured the deal in seven days after the borrower was let down at the last minute by another lender.

The deal was completed through broker SPF Private Clients.

LendInvest chief commercial officer Matthew Tooth said: “When a borrower is let down last minute by a lender it can have a disastrous effect on the timeline of their project.

“In this instance our team quickly identified whether we could assist, and then went the extra mile to ensure the deal got over the line in a time frame that caused the least possible disruption.”

 

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