Market leading specialist finance provider, Saxon Trust, has just completed a £2.4 million Finish & Sell loan on an exciting development in the County of Rutland. The scheme has seen the redevelopment of former farm buildings on a 1.6 acre site to create four new build luxury homes and a stylish 2 bed stable conversion. Drawdown was executed upon confirmation that all 5 units were wind & watertight with the developer aiming to be off site by the end of May.
As well as a £1.7 million refinance of the existing debt and £350,000 to complete the works, the 6 month loan also included a further £250,000 equity contribution towards the developer’s next two projects which Saxon will be funding from ground up. This is the third loan the Saxon team have closed for this developer in the last two years having forged a close working relationship together during the pandemic. Saxon Trust’s products are designed to give developers flexibility and financial agility when they need it.
The developer commented: “By reducing the cost of my funding, covering future drawdowns so that I can complete this project promptly and releasing equity, I will be able to maximise profit on this and my future projects.”
Brian West, Head of Sales and Marketing at Saxon trust commented: “We are delighted to complete this loan so soon after launching our new development exit products. With rates starting from 0.79% per month on Finish & Sell and just 0.57% per month on our new Market & Sell product we already have a strong pipeline building which bodes very well for the coming months.”