The client, a property developer located in the Home Counties, required a highly geared development facility to fully support the project — which had overseas third-party equity — comprising 35 apartments.
Despite the transaction facing time constraints, Arc & Co was able to find a suitable partnership that allowed the deal to be completed on time.
The £8.8m joint facility was agreed at 90% LTC and 75% LTGDV on a 24-month loan term.
“Hampshire Trust Bank and the mezzanine lender were a pleasure to work with,” said Matthew Yassin, director at Arc & Co (pictured above).
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“The courage and tenacity shown allowed the clients to feel confident with the capital stack and get this over the line in the time required.
“When all parties have experience and understanding of the process, the client can then centre their efforts on all the associated requirements that need to be addressed on such a scheme without any unnecessary distractions.”
Will Powell, lending manager at Hampshire Trust Bank, added: “After a protracted planning process and a number of revisions, we are now looking forward to seeing this landmark development come to life.
“Special thanks go to Matthew and the team at Arc and Co not only for the introduction to the business, but also for their pivotal role in ensuring the deal stayed on track at every turn.”