Specialist bridge lender Hilco Real Estate Finance has announced that it has completed a development exit loan of £4.5m secured against a number of rural residential properties in Wimborne, Dorset.
The loan was delivered at a 75% LTV. The borrower had been let down late by another lender which had previously agreed to fund the loan, requiring HREF to step in quickly to complete the refinance.
The deal was introduced to HREF by Niche Financial Solutions, and supported with advice from Eddisons and Clarion Solicitors.
Steve Allen, (pictured) business development director at HREF, said: “It was great to work with Luke Baldwin at Niche Financial Solutions on this opportunity. Luke was highly proactive which was vital given the time constraints on this opportunity.
“The whole team at HREF worked very hard to get this deal done swiftly, as did Clarion Solicitors, led by Marie Pugh, and David Ponsford from Eddisons who provided the valuation. This loan brings a number of good quality homes to an area of high demand and gives time to the borrower to sell units over the next 12 months.”
