LendInvest completes £16m development deal

LendInvest has completed a £16m development finance loan to developer Yogo Group after the latter was let down at the last minute by another lender.

Yogo Group will use the finance to fund the part-conversion and rebuild of a Grade II-listed building – the former Thomas Lipton Care Home in north London – as well as developing new units on the site.

The deal was completed in three weeks – from the initial introduction to site purchase – which enabled the borrower to secure the site and not lose it to another potential buyer.

The development – which is expected to be completed by March 2019, with a GDV forecast of more than £26m – will deliver 24 new apartments and six houses, ranging from one- to four-bed units, available to first-time buyers.

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

“Time is undeniably crucial for any developer,” said Steve Larkin, director of development at LendInvest (pictured above).

“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 [it is] so well known for.”

George Philippou, managing director 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.”

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