The case was introduced to the lender by Matthew Dailly, managing director at Tiger Financial, on behalf of a property developer.

The client has full planning consent for a 117-unit residential scheme with a GDV of over £26m, which will comprise 56 bungalows, 23 affordable houses and 38 apartments.

The deal posed several challenges for the team — as the material costs were climbing during the course of the loan application, this required careful analysis and revaluation and resubmission to the monitoring surveyor for comment.

This created some downward pressure on the value of the land asset, which had to be addressed by carefully reviewing the leverage and the equity position of the borrower.

In addition, the borrower was also struggling with delays with the contractor’s availability.

However, working together with Tiger Financial and the development team, Sancus was able to overcome these issues, and provide the loan at 78% LTC over a 24-month term, which will fund the first phase of the scheme.

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“After careful consideration, we selected Sancus as our lender of choice, and we were impressed that it immediately saw the developer’s vision and what they were trying to achieve,” said Matthew.

“Its proactive approach and the company’s efficient credit committee process allowed us to complete the loan despite multiple challenges along the way.

“Sancus proved to be a sympathetic and understanding lending partner and its flexibility certainly contributed to the success of the deal.”

Richard Whitehouse, director at Sancus (pictured above), said the firm was delighted to supply the finance for the Cambridgeshire development.

“This was a speculative scheme with no pre-sales and, as in common with all development projects, our due diligence brought up some unexpected factors,” he added.

“We pride ourselves on our high level of expertise and tenacity, so we worked with Matthew and his client to resolve those points.

“In this case, that meant increasing the size of the facility and our LTGDV/LTC levels, something we were happy to do based on our detailed dialogue with the client and their development team.

“We have enjoyed working with Matthew and the team at Tiger Financial and look forward to being able to support them and their clients on future projects."