A specialist lender has provided £822,000 in developer exit finance for a residential development in Sydenham, South East London.
The 12-month facility is secured against two unsold apartments within an eight-unit scheme. The loan was structured at 70% loan-to-value, according to Property Wire.
Exit finance can give developers additional time to complete sales after construction, replacing short-term development borrowing and reducing pressure to dispose of completed homes immediately.
For smaller residential schemes, the availability of such funding can be particularly relevant where only a limited number of units remain to be sold and capital is needed for the next stage of a developer's pipeline.
