The loan from LendInvest went towards the refinancing of a residential site and the acquisition of a second adjoining site. Some 272 residential properties are expected to be built on the sites in the last quarter of this year.
The development is located is in Abbey Wood, and on completion will feature a mix of one-, two-, three- and four-bedroom apartments and townhouses, 35 per cent of which will be affordable housing.
The loan was provided based on a loan to cost (LTC) of 90 per cent with Mantra Capital acted as the broker for the deal.
The brokerage originally sourced funding before the impact of Covid-19 hit the market, and the initial lender was unable to honour the terms of the agreement.
Justin Trowse, director for bridging at LendInvest, said: “This deal was one that we were determined to deliver and complete in time so as not to disrupt the borrower’s project timeline.
“Thanks to the tireless efforts of Rickesh at Mantra, and the dedication of the team, we are delighted to announce the provision of quality funding for this project.”
Rickesh Patel, partner at Mantra Capital, added: “Our close funding partners LendInvest quickly understood the scheme, the challenges we faced in terms of timescales and came up with a deliverable debt package that worked for our client. Their experience and knowledge was clear to see.
“The deal wasn’t without its challenges, but with the hard work and collaboration of Justin and the wider LendInvest team we were able to get this acquisition deal completed and deliver a commercial solution that worked for all parties.”