The next week is a busy one with four new loan agreements due to complete and the first two are certainly interesting examples of mezzanine funding projects at work.
In West London, Saxon Trust (perviously Calmez Ltd) has provided a mezzanine funding of £425,000 over a ten month term for the creation of three high specification apartments being converted from a period house. The developer is making great use of the available accommodation to design three apartments, ranging from 643sqft to 873sqft, with a GDV of around £2,300,000.
This is the latest of a number of such mezzanine funding projects for this developer that Saxon Trust has supported with mezzanine funding and so we know that the finished product will be outstanding.
In East Sussex we have completed a facility for the development of an exciting contemporary project of ten new build apartments that will have great sea views. The project will be of great interest to investors looking for a second home close to the beach and yet with a GDV of around £2.3m, this will be affordable luxury. Saxon Trust has provided a £145k mezzanine funding facility on a fixed term of 12 months secured by a second charge.
We look forward to seeing these latest developments progress and will update these pages with photos when available.
Saxon Trust provides development stretch funding, mezzanine funding and bridge funding to experienced property developers. For information on then contact Saxon Trust on 0203 3710 511, email via [email protected] or apply online here.