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LendInvest provides £4.2m in finance for new homes in Wiltshire

LendInvest has provided £4.2 million in finance for a national developer in the South West of England.

LendInvest has assisted one of our key repeat borrowers, Acorn Property Group, with the funding for a residential housing project.

The deal was a £4.2m loan exposure against a £6.3m GDV, 67% LTGDV. The facility will finance the development of 13 residential units, a percentage of which will be priced as affordable.

LendInvest completed the development loan in three weeks from initial introduction. As exchange of contracts had already taken place, the clock was ticking and quick completion was necessary to accommodate Acorn’s tight project timeline.

Steve Larkin, Head of Development Finance at LendInvest, commented: “Completion deadlines are a critical part of the development finance world, and vendors can take advantage of this to the detriment of clients if something happens behind the scenes with the funding. We were delighted to help complete this deal which continues our strong relationship with Acorn and SPF.

Special thanks to JLL, Glovers and Regency Grove for their swift assistance and being readily available at all times to proceed quickly to completion.”