Commercial Finance
Oblix Capital completes £7.65m development finance facility
Specialist bridging and development lender Oblix Capital has completed a £7.65m development finance facility to fund the construction of seven high-spec homes.
Located in Berkshire, the loan has been structured on an 18-month term at a 70% loan to gross development value (LTGDV) with construction of these seven units commencing immediately.
The lender said this latest deal continued a good period of bridging and development completions since the start of the year.
Sales director at Oblix Capital, Andy Reid (pictured), said: “With numerous complexities surrounding the deal, both our sales and risk teams took the time out to sit down with the borrower and devise a facility that fully supports the needs and objectives of the project as a whole.”
“This has been a truly collaborative process and taking a common-sense approach to structuring these types of deals allows us to meet market demand for borrower’s needing fresh, flexible and agile property funding.”
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Last month Oblix completed a £4m finance deal in Edinburgh, while in January it announced a £5m facility in Chelsea.