Specialist bridge lender Hilco Real Estate Finance (HREF) provided family-owned London property developer IndigoScott with a £21.3 million development exit loan. The 24-month loan at 75% loan to value is designed to allow the borrower to resolve an intercreditor situation and complete the marketing and sale of the Abbey Wall scheme in South West London. The loan, the fourth lending transaction completed by HREF in the last few weeks, is secured against the partly sold 66 apartment new-build residential block, which includes a ground floor commercial unit.
“This loan gives our client time and flexibility to sell down the scheme and deliver vital housing supply in the local area,” Charlie Job, associate at HREF, said. “They have developed a high-quality project that is already part sold, demonstrating strong local demand, and we expect this to continue as residential transaction volumes stabilise.”
“Hilco were able to quickly grasp the complexity of the case and provided an innovative and creative funding structure,” Jeremy Scott, director of developer IndigoScott, said. “Their communication was excellent and they remained closely engaged and supportive throughout the transaction.”
The transaction was introduced by RockCap director Alex Lundberg, with valuations undertaken by Gerald Eve, and Daniel Fireman of Gunnercooke leading the legal due diligence for HREF.
