saxon trust

Saxon Trust lends £2.4m for Rutland farm conversion scheme

Saxon Trust has completed a £2.4m loan using its new ‘finish and sell’ product for a property developer looking to complete the conversion of a former farm building in Rutland, east Midlands.

The property and its stable were redeveloped into five new build luxury homes.

Of the total sum lent, £1.7m was used to refinance the borrower’s existing debt, £350,000 went towards completing the development works, and £250,000 was used as an equity contribution towards the client’s next two projects, which Saxon Trust will be funding from ground up.

The six-month loan was completed upon confirmation that all five units were wind and watertight.

The developer aims to finalise the development by the end of May.

This is the third loan that Saxon Trust has closed for this client in the last two years, having forged a close working relationship with them during the pandemic.

Brian West, head of sales and marketing at Saxon Trust, said: “We are delighted to complete this loan so soon after launching our new development exit products

“With rates starting from 0.79% per month on the ‘finish and sell’ option, and just 0.57% per month on our new market and sell product, we already have a strong pipeline building which bodes very well for the coming months.”

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