Thomson Snell & Passmore were recently instructed to act for a lender in connection with a loan of £24,000,000 to be with a gross development value of £43,000,000.
The loan facility was being provided to a reputable developer in order to refinance an existing site and create a mixed use scheme of 239 residential homes and office space. The transaction was particularly complex with the developer providing prescribed highways works to serve the locality as part payment of the community infrastructure levy due to the local authority.
The team advised on all aspects of the due diligence process and security documentation as well as considering the planning permission and the provision of affordable housing and financial contributions pursuant to the section 106 agreement with the local authority. On thanking the team for a successful completion our client said "Many thanks for all your help in getting this one over the line. It’s definitely an interest scheme that should keep us occupied for the next 3 years." We look forward to receiving updates once the build gets underway.