Market leading specialist finance provider, Saxon Trust, has just completed a £1.54 million Market & Sell loan on a unique, three-story, mid terrace property in Notting Hill. Having undergone a complete refurbishment the property boasts a large and extended basement providing additional floorspace which includes a cinema room. Drawdown was executed upon confirmation that all works have been completed and the property is already on the market.
As well as a £650,000 refinance of the existing debt, the 6 month loan also included a further £790,000 equity contribution towards the developer’s next property scheme, where Saxon will be also be funding works. The Saxon team will always look to forge close relationships with their developer partners by offering flexibility and financial agility exactly when it’s most needed.
The developer commented: “This loan will give me the time to maximise on the sale price of my Notting Hill property, it significantly reduces the rate I’m paying on it and gives me considerable “cash out” towards the purchase of my next project in Essex. In addition, there is no early redemption fee being charged when I repay the loan upon sale.”
Brian West, Head of Sales and Marketing at Saxon trust commented: “Having launched our new development exit products just over a month ago, I’m delighted that we’ve now completed our first Market & Sell loan hard on the heels of our first Finish & Sell completion. With rates starting from 0.79% per month on Finish & Sell and just 0.57% per month on our new Market & Sell product these are proving to be an extremely popular addition to the Saxon Trust product range.”