The loan was agreed on a 17-month term at 63% LTGDV, allowing the developer enough time to construct and sell all 12 apartments.
This completion follows on from a strong growth period from Oblix Capital, which received nearly £50m of applications in August – surpassing all previous monthly application records.
- Oblix Capital reprices development product range
- Oblix secures £50m funding line from OSB
- OakNorth completes £40.2m loan to support development of two resi towers
In July, the specialist lender restructured pricing across its development finance range.
“This latest completion typifies a very successful growth period for the company,” said Andy Reid, sales director at Oblix Capital (pictured above).
“We’ve been meeting the market demand with property finance that is equally agile, yet reliable – forging some fantastic relationships with brokers and developers alike.”