The second-charge loan — agreed on a six-month term at a rate of 18% — was used for a completed scheme consisting of 17 detached homes situated in Hampshire, with pre-sales in place.
Hambros provided the equity release facility in order for the developer to continue to invest in other development sites.
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David Travers, CEO at Hambros, said: “Since we launched the development exit top up product, we have received great feedback from introducers and developers alike.
“Hambros are happy to be supporting good developers in releasing equity or securing more time for the sales process to take its course.“
Hambros can offer loans from £400,000 to £5m, up to 75% LTV, and a maximum term of 18 months over the full product range.
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