LDG has been granted planning permission for 37 apartments and ground-floor commercial space.
The funding will be used to refinance the site, providing LDG with time to terminate its current tenancies and prepare it for development.
Sancus was recommended by LDG’s lawyer, who recognised the need for an experienced funder who could operate at pace.
Credit-backed terms were provided within five days of the initial conversation with Daniel Obertelli, CEO at LDG.
The loan was largely completed during the current lockdown period, and Sancus stated it had maintained its commitment to provide funding to LDG despite the change in circumstances presented by Covid-19 throughout discussions and drawdown.
“After being introduced to Sancus, they responded quickly and professionally from introduction to completion in a matter of weeks,” said Daniel.
- DFT Roundtable: How rising costs, coronavirus and a labour shortage could stall property developments in 2020
- Weston Homes reopens construction sites in London and Home Counties
- Reevo 360 unveils hazmat suits for post-lockdown property tours
He added that the facility would enable it to deliver its recently consented scheme, in the rapid and daily evolving situation of the pandemic.
Richard Whitehouse, director at Sancus commented: “I feel that this loan, especially in the current circumstances, really demonstrated the value of the Sancus approach.
“We do not use a rigid credit policy to make our decisions, we seek to understand each borrower and their unique proposal, always making an assessment on a case-by-case basis.
“On this occasion, we could see that we were dealing with an experienced and extremely professional client who had an attractive scheme to deliver.”
Sancus intends to provide a further £5m to support LDG on the completion of the development.
“Richard and his team are experienced, knowledgeable and understanding of development which is what we seek from a lender — especially with the current market conditions,” added Daniel.