Contour Capital completes £1.6m bridge to Clapham developer

The loan was provided to the developer upon practical completion of their development, which consists of three apartments and a ground-floor commercial unit in a strong location close to Clapham Junction railway station.

The loan enabled the developer to fully repay their development finance, as well as allowing more time for the sale of the completed units in an orderly manner.

The lender provided the funding facility with interest rolled up over the term, taking the leverage up to 75% of the total GDV.

The high leverage allowed the developer to repay their development finance without having to inject any equity at the time of the refinance.

Paul O’Kane, associate director at Contour Capital (pictured above), said: “It has been great to be able to assist this experienced developer with a facility that will give him more time to sell what we see as being a brilliant product for the price point.

“Through a good team effort, we reacted quickly to the request, to ensure we could complete within the short refinancing timeframe.

“Our high loan-to-value bridging has also allowed the developer more time without having to tie up any more cash in the project.”