Specialist capital advisory Arc & Co. has secured a £10m development facility for 96 student units in the Southeast.
The funding, provided by Close Brothers Property Finance, is to support a developer with a strong student pipeline and experience in the living sectors.
Close Brothers Property Finance stepped in when another lender was no longer able to advance the funding, working quickly to get the deal over the line. Time was very much of the essence as the developer’s window of delivery needed to align with the 2025 student intake.
Generally speaking, appetite for lending on student schemes can be challenging; delivery timescales, yield assumptions on exit, and operational party concerns make this a specialist asset class, requiring expert involvement from the financial team.
Cameron Hayes, (pictured) Director at Arc & Co. who arranged the funding, commented: “Close Brothers were excellent at bringing the financing together in good time. They were able to rely on the reporting by the existing valuer and PMS and were happy to instruct solicitors pre-credit, to get the funding completed on time.”
Lee Daniel, Business Development Director at Close Brothers Property Finance, said: “Cameron provided a detailed overview of the client’s proposal and valuable input throughout, to ensure this transaction completed within six weeks of Credit approval.”
