LendInvest provides £17 million in finance for site in Cambridge pre-sold to a REIT
London, 28 July 2022 – LendInvest, the UK’s leading asset manager for property finance, has provided £17 million in finance for a regional developer in Cambridge, England.
The deal was a £17 million development loan at 64% LTGDV. The facility will finance the development of 30,000 ft. of contemporary ‘Grade A’ warehouse style offices.
With the build already underway, this scheme has been pre-sold to a Real Estate Investment Trust (REIT) with a GDV of £26.5m.
This is phase two of the overall site scheme and includes elements of warehouse to office conversion and new build warehouse style offices. LendInvest originally funded the developer to acquire the site with a short term bridging loan providing them with the time to work up planning for their proposal.
LendInvest completed the development loan in seven weeks from application, and needed to move quickly to allow future construction cost funding to commence without delay.
Tom Madden, Director of Structured Property Finance at LendInvest, commented: “It was great to deliver a funding package for a repeat client that we have supported on numerous sites over the years including Pre-Construction Bridging, Development Finance and Development Exit loans across both Residential and Commercial schemes.
With a fantastic location, close to Cambridge Station and the continued strong demand for office and research facilities in the city feeding life sciences, technology and business services companies, we were really keen to assist our client when they were originally acquiring the site. We were even more delighted to be in a position to offer them a competitive construction loan to build out this second phase of the project.”
LendInvest is the UK’s leading platform for property finance.
LendInvest offers short-term, development and buy-to-let mortgages to intermediaries, landlords and developers. Its proprietary technology and user experience are designed to make it simpler for both borrowers and investors to access property finance.LendInvest has lent over £3bn of short term, development and buy to let mortgages.
Its funders and investors include global institutions such as HSBC, Citigroup and NAB, and, in 2019, it was the first Fintech to securitise a portfolio of BTL mortgages. The company has reported annual profitable growth since 2015 and was named Digital Innovation Award Winner at the Sunday Times Tech Track 100 Awards, and both Specialist Lender and Buy-to-Let Lender of the Year for 2019 at the last NACFB awards.