£4.5m exit facility completed for development in historical naval setting

Thistle Finance and Oblix Capital have completed a £4.5m exit facility on a residential development in Gosport, Hampshire.

The development exit loan will provide the borrower with a year to extract maximum value from its 13 units located in the historical naval setting of the Royal Clarence Marina.

Some of the units have already been sold or exchanged.

Since work commenced on the development two years ago, the market value of the contemporary four- and five-bed units — Georgian period design meets 21st-century tech and luxury — has increased by more than 10%.

The specialist packager arranged the original development loan through a challenger bank and has now transferred the borrower to a development exit rate through Oblix Capital.

Mark Dyason, managing director at Thistle Finance, said that it was thrilled to have helped realise this project in what was a famous naval setting.

“Our client is undertaking some impressive developments and Oblix Capital [was] on hand to offer an equally impressive exit facility with a market-leading rate. 

“It’s now full steam ahead on getting the rest of the units under offer.”

Andy Reid, sales director at Oblix Capital, added: “For us, this development was an immediate green light. 

“A number of the units have already been sold and we expect the rest to be snapped up very quickly.”

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