LendInvest funds £12m 55-home Somerset development project

LendInvest has funded a £12m development finance loan in under eight weeks.

The specialist lender provided the finance for the majority portion of a 55-home residential development in Wedmore, Somerset.

The scheme will comprise a mix of two-, three- and four-bedroom homes, 40% of which will be affordable housing.

The total loan provision for the site was £12m, based on a LTC of 90%, with the total GDV forecast to exceed £19.6m. 

The loan completed within eight weeks to meet the borrower’s timeline.

This is the fifth loan provided by LendInvest to the borrower, who became a client in 2017.

Melanie Omirou, group managing director at Acorn Property Group, said: “It’s always a delight to work with the team at LendInvest. 

“Speed was crucial for this project and, from beginning to end, the team worked swiftly to facilitate the loan in a tight timeframe.”

Ian Thomas, co-founder and chief investment officer at LendInvest, added: “Given the desirable location and the borrower’s extensive experience delivering quality projects nationally, we were delighted to get the opportunity to finance this project.”

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