New Mezzanine Funding Development Underway
Our latest development and example of mezzanine funding is underway in East Sussex with the site now cleared and the build about to start. This exciting project will comprise the construction of 10 luxury apartments with views of the sea and far reaching outlook across the Sussex Downs. Each apartments will have one or two bedrooms, ensuite bathrooms to the master bedroom, private outside space and underground parking. The design concept will include contemporary ultra modern sleek elevations to give a stylish clean look. The inclusion of bi-fold doors opening onto balconies will make the best of the views and modern well equipped kitchens will complete the luxury feel. The total floor space will be around 6000sqft with the apartments will have internal areas ranging from 414sqft to 710sqft.
Our developer client acquired the two houses previously on the site and gained the planning consent for the development which will have a GDV of around £2.3m. A key selling feature for the project is it location being with a short walk of the sea front and beaches as well as being within easy reach of the town centre. Saxon Trust (perviously Calmez Ltd) have supported the project with mezzanine funding of £150,000 on a 15 month term and secured on a second charge behind the senior lender.
Saxon Trust offers developer loans to property developers and builders with proven track records and whom meet the lending requirements of both our prime lender as well as our own. Calmez will provide mezzanine funding from £100,000 to £1.5 million and typically up to 20% of costs. This enables developers to limit their equity contribution to as little as 10%. For more information on mezzanine funding then please contact us here or by calling 0203 3710 511.