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Hambros Secured Lending are pleased to reveal we have completed a second charge bridging loan to an experienced developer for the landmark development at Bayscape, Cardiff Marina.
Built in 2017, Bayscape is a prime residential development in Cardiff Bay, comprising of 115 apartments within 2 linked buildings- Waterford House (to the West) and Whitewater House (to the East).
Most of the units have already been sold but 16 apartments throughout the scheme, which are being held for rental investment purposes. Another experienced lender is taking over as the 1st charge lender on the 16 remaining units, whilst Hambros secure a 2nd charge on 5 of the 16 units.
Providing an LTV of 75%, the gross loan is for circa £600,000.
Once the Covid-19 restrictions are lifted, the borrower will refinance all 16 units through the 1st charge lender. This is likely to coincide with phase 2 of the development, which will repay our facility.
For more information about this scheme, or to find out how we can help finance your project, please contact us.