£55m
Loan amount
5%
Interest rate
55%
LTV
40%
LTGDV
Spec Development Funding
THE CHALLENGE
Our client had acquired the building and secured vacant possession. Our remit was to source competitively priced construction finance on an entirely speculative basis, in a unproven (non-core) office location.
THE SOLUTION
Bircroft introduced a US-backed International Funding Partner who bought into the expertise and experience of our client to deliver the project alongside a top tier contractor. Despite the non-core office location Bircroft was able to secure pricing which reflected the leverage on offer.
KEY WINS
- Both lender and client were delighted with the process, which was delivered ahead of key milestone dates
- Construction is now underway and we look forward to seeing the finished product