Blackfinch Property Provides £6.7m Development Loan
Prime residential development in London Borough of Hackney, North East London
Blackfinch Property has completed a £6.7m development loan to Elemento Group for a project in a prime location in London. The development loan will facilitate the demolition of an existing property to make way for a new five-storey building, which will comprise 25 residential units, including eight social housing units.
John Hartigan, Investment Manager at Blackfinch, said:
“We are really pleased to be funding this development, which has an important affordable housing element. It is one of the more complex transactions we have been involved in and has been a real team effort across Blackfinch; working closely with the borrower, Housing Association and the mezzanine funder to deliver completion.”
There were a number of complex legal matters that were resolved between the Housing Association, the mezzanine lender and Blackfinch Property.
“Elemento is an experienced developer which had been let down at the last minute. We were delighted to be in a position to support and help the team.”
Blackfinch Property typically lends up to 70% loan-to-value and 85% loan-to-cost, either residential or commercial. It focuses on senior and stretched senior with many loans originating from repeat borrowers.
Borrowers and brokers will typically work with the same deal manager and team throughout the life of the loan, from origination through to due diligence, monitoring and redemption. The deal manager has frequent contact with key decision makers, to ensure any queries are resolved on a timely basis.
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information email [email protected].