LendInvest, a specialist property finance lender, has completed a £16m development deal with Yogo Group in under just three weeks.
The company said the deal with the established development finance borrower was completed in record time after the borrower was let down last minute by another lender.
Its development finance loan will fund the part-conversion and rebuild of a Grade II listed building, the former Thomas Lipton Care Home, as well as the construction of new units. The site is in Southgate, Enfield, North London and sits in five acres of its own grounds, providing privacy for prospective buyers and tenants.
After completion, the project in its entirely will deliver 24 apartments and six houses, ranging from one to four bed units of bespoke design and available for first-time buyers.
Steve Larkin, director of development at LendInvest, said: “Time is undeniably crucial for any developer. In this instance it was make or break, with the developer facing the prospect of losing a coveted site to other purchasers having been let down by their initial lender.
“Our team went the extra mile to ensure that this did not happen again, delivering fast, affordable finance in record time. Working with an award-winning developer is always a comfort for a lender, and we have full confidence in the Yogo Group to deliver the quality bespoke living spaces they are so well known for.”
Founded in 2008, LendInvest provides finance to property professionals, and a platform for individuals and institutions to invest in property backed loans. Last year, investment in the global PropTech market reached more than $1.8bn according to data by FinTech Global.
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