Facilitating the Development of Purpose Built Student Accommodation
See how Forecast Finance secured a multi-million-pound loan in just eight weeks to refinance the cost of developing three student accommodation buildings.
Development Loan for a Student Accommodation
We were approached by a client who had recently finished three separate purpose-built student accommodation properties. They were looking to refinance and repay an existing lender who had supported the initial build costs while also looking to raise capital out of the properties and move onto the next project.
The properties, located in Kent, were of exceptional quality and already had a strong demand for occupancy. The client was able to demonstrate this easily along with expert property management skills, making the valuation a simple process.
Lloyd’s Bank were selected as the most suitable lender for this case, providing a full loan of £5,100,000 and completing the whole process in less than two months. The client was thrilled with the results and is now working with us on their next project.
Overview of Case Study
- Property Value – £9,000,000
- Loan Amount – £5,100,000
- LTV – 56%
- Term – 60 Months
- Timeframe – 8 weeks (valuation to completion – 4 weeks)
Quote from Lloyds Bank:
“A big thank you to Paul Atkinson of Forecast Finance for the introduction and this great opportunity to support the client’s journey. The client chose our popular partial amortizing loan product which offers flexibility and great rates. It was a team effort to get this deal drawn in a short timescale, but with the support from Paul, we succeeded and have a very happy client.”
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