Contour completes mezzanine loan for £14m development

Contour Capital has provided a £2.3m mezzanine loan to support the development of a north London scheme with a gross development value of £14m.

The mezzanine and bridging finance lender completed the loan for an established family office for the refinance and subsequent development of a site in Hampstead.

The period property has planning permission to be converted into 13 apartments and is located within walking distance of Hampstead Heath and both London Underground and Overground stations.

Contour was introduced to the deal by PIA Consultants and provided the loan on top of the senior debt facility taking leverage up to 75% loan to gross development value.

“We are delighted to have assisted with the refinance of this well-located property,” said Gavin Morrison, relationship director at Contour Capital.

“The proposed scheme offers a range of apartments which are competitively priced.

“Contour has appetite to support experienced developers on projects across the south of England.”

Contour specialises in financing schemes across the residential, commercial and student accommodation sectors across southern England, offering loans of up to £10m.

The lender recently provided a £1.35m bridge to enable a developer to acquire a site in Bath.

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