Successful Completion of £9.21m Development Exit Loan

Glenhawk is pleased to announce the successful completion of a substantial £9.21 million Development Exit Loan, secured at 75% loan-to-value (LTV) of the open market value. This project involved the conversion of a commercial property into a residential space under Permitted Development Prior Approval, resulting in 57 units in North London.

Our clients had already sold 21 units and were seeking to refinance the remaining 36 units as their development loan approached its end term. Glenhawk facilitated a 6-month loan term for the clients, who aimed to retain the units. To accommodate this, we provided multiple exit options, allowing the units to be placed on long leasehold titles.

Despite the complexity of the borrowing entity’s share ownership structure, we collaborated closely with both the broker and the client to devise a suitable and efficient solution. This case highlights our commitment to flexibility and tailored financial solutions to meet our clients’ unique needs.

Nick Holding-Parsons, Director of Lexi Finance commented:

“Glenhawk were very commercial in their approach to closing this transaction. Our client had a defined business plan and the team at Glenhawk were fully supportive, allowing for a complex corporate structure. There were many reasons for the transaction to slow but Glenhawk ably found solutions working collaboratively with LEXI. We are very pleased with the result.”