LendInvest

LendInvest completes £2.8m development loan for Essex residential scheme



LendInvest has provided a £2.8m facility to Ingleton Luxury Holdings Limited for a residential development in Essex.

The borrower required financing to assist with the purchase of a site with planning for 18 semi-detached dwellings and for the first phase of development.

The first stage was with an initial commitment for 12 houses, with the second covering the remaining six homes.

The loan was agreed at 65% LTGDV and 90% LTC, at a 7.98% per annum interest rate and for a term of 18 months.

To help with challenges posed by Covid-19, LendInvest supported an extension to the initially agreed build term so that the developer could finish the scheme on time.

Phase one is nearly complete, with the client lining up term finance with the lender. 

LendInvest will also provide a further £1.4m for phase two of the scheme, which is due to commence shortly.

Tom Ingleton, CEO at Ingleton Luxury Holdings Limited, said: “What I appreciate from a lender is the ability to act promptly and be commercially minded, and LendInvest has done this every time, which has been of great benefit to me as a developer. 

“The support that LendInvest has given us over the last four years has been second to none, which has enabled substantive growth for us.”

“James [Russell, relationship director at LendInvest] and the team always turn drawdowns around in 24 hours, so my cash flow is not impacted, which supports me and my team to progress the development as quickly as possible.”

James said it was great to have an ongoing relationship with Tom, and that the lender had been able to work with him during the challenging Covid-19 times.


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