Development Exit Loans - Case Study

20 June 2019

Our client undertook a development of 66 apartments in Zone 4, North-West London, with a gross development value of £28m and total costs of just over £22m. Peritus secured a development facility for the client allowing for an 18-month term, the debt facility was for £18.65m (including finance costs).   

The client secured pre-sales on the scheme for 32 apartments totalling £14m which were to complete at the point of practical completion, leaving 34 units available for sale. At this point there were 3 months left on the development facility. 

Following practical completion of the development and the completion of the initial sales, the developer sought a development exit facility to repay the development loan, to allow for a longer sales period and to withdraw some equity in the scheme. 

Peritus secured: 

  • £9.1m development exit facility
  • A c£4.5m equity release
  • 12-month term
  • Loan pricing 0.55% per month

Speak to Peritus today about arranging Development Exit Finance for your project.