Glenhawk writes £9.4m development finish and exit loan
By Jon YarkerGlenhawk has provided a £9.4m development exit loan for the final phase of a luxury residential project in Kensington.
Section: Case Studies
The facility, agreed at 75% LTV and with a hybrid interest structure, was written by the lender’s specialist real estate division.
The borrower was introduced to Glenhawk by Jeni Browne of MFB - Mortgage Finance Brokers to refinance existing debt secured against a large executive home in Kensington.
This property was undergoing extensive redevelopment and had yet to receive building control sign-off at the time of application.
Additional funding was required to complete the high-specification fit-out.
Glenhawk structured an 18-month development finish and marketing loan with cashout, giving the borrower the time and capital needed to finish the project and launch a sales strategy.
“This transaction is a prime example of how we support experienced developers in core London locations with tailored, milestone-led solutions,” said Chris Daly, managing director of specialist real estate at Glenhawk.
“By working closely with the client and Jeni, we delivered a facility that aligned with the project’s complex timing and funding requirements.”
Keywords: Glenhawk, Chris Daly, Exit Loan, Development Finance, London, Specialist Real Estate, Lender