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February 07, 2018

LendInvest completes £16 million development deal in under three weeks in key commuter town

London, 7 February 2017LendInvest, the leading specialist property finance lender, has completed a £16 million financing deal with established development finance borrower, Yogo Group. The deal was completed in three weeks from initial introduction to site purchase.

The 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. Upon completion, the project in its entirely will deliver 24 apartments and 6 houses, ranging from 1 to 4-bed units of bespoke design and available for first time buyers.

LendInvest completed this loan in record time after the borrower was let down last minute by another lender. If finance had not been secured immediately the borrower would have lost the site to another potential buyer.

The site sits in five acres of its own grounds, providing privacy for prospective buyers and tenants. It is located in the popular commuter town of Southgate, Enfield in North London, which is easily accessed on the Piccadilly Line and is only 28 minutes from Kings Cross.

Construction is expected to be completed by March 2019. The total GDV is forecast to exceed £26 million.

Daniel O’Neil of SPF Private Clients introduced and advised on the deal.

 

Steve Larkin, Director of Development at LendInvest, commented: “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.”  

George Philippou, MD of Yogo Group, added: Yogo Group is delighted to be working with LendInvest to deliver another one of its high quality residential developments in a unique enclave of Southgate. We would like to express our immense gratitude to LendInvest who have been extremely supportive of Yogo Group not only by funding the majority of the scheme but also by achieving the unachievable and ensuring a quick and smooth three week completion. The service and support provided by LendInvest and its lending managers have been exemplary.

 

About LendInvest

LendInvest is the UK’s online marketplace platform for property finance and one of the UK’s largest non-bank mortgage lenders. The company lends finance to professional property investors and developers, and makes it possible for all sorts of investors – from individuals to some of the world’s largest financial institutions – to invest in the loans it originates. To date LendInvest investors have invested over £1.2 billion in loans, helping to bring 4,000 new or improved homes into the UK market.

Launched in 2013, LendInvest is a fast-growing and award-winning FinTech business. In December 2016, LendInvest was named one of the Sunday Times and Virgin Media’s Disrupt 10, a list of the ten most disruptive businesses in the UK; and in September 2017, LendInvest debuted in the Sunday Times Tech Track 100 and was named Europe’s Allstar Company at the Investor Allstars Awards.

LendInvest is the only online lender to have been rated three times by a regulated European credit rating agency.

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