Blackfinch Property Provides a Development Loan to a Borrower for Properties in London
Prime Residential Development in Bexley, South-East London
Blackfinch Property has completed a £4.1m development loan to a borrower for the completion of a project based in Bexley, in south-east London. The development loan will facilitate the demolition of a two-storey office building and a single-storey office building to make way for a terrace of six townhouses and four apartments to be built in their place.
The properties are close to the local high street and have good transport links into central London.
Chloe Young, of the Blackfinch in-house legal team, said, “This development includes four one-bedroom apartments with good commuting links to London, making them an ideal opportunity for first-time buyers.”
Blackfinch Property worked with the borrower to discharge pre-commencement planning conditions, including archaeological and contamination surveys.
Young continues: “This is the second deal we have completed with this borrower, so it was great to be able to build on an existing relationship and help fund another exciting development.”
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.
Blackfinch Property is a fully funded provider of innovative short-term bridging and development financing solutions. For more information email [email protected].