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Hambros provide development finance for a modular construction housing project on Suffolk residential scheme
In early 2020, Hambros provided Mezzanine finance to a well-established developer, to help support the acquisition and development of a site in one of the most sought-after Suffolk villages.
Hambros initially provided finance on a 2nd charge basis to the development, which has planning consent, consisting of 17 homes (3, 4 & 5 beds) in an exclusive private road, each with a family friendly garden.
The developer has successfully tendered the project to a number of modular construction providers, with Peterborough based Impact Modular winning the contract.
We have decided to step in to clear the 1st charge lender, and to provide the senior debt development facility of £3.42m to the clients, giving them the ability to proceed with the construction.
The development, with a GDV of £5.5m, will be finished within 9 months, with the clients planning on refinancing our loan as the exit.
Hambros are specialists in providing finance for modular construction schemes and see the value in Modern Methods of Construction (MMC). To find out how we can add leverage to your project, please contact us.