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Hambros Secured Lending continued its excellent start to 2020 by finalising the Mezzaning finance to a well established developer to support the acquisition and development of the site in one of the most sought after villages in Suffolk.
Senior funder Hampshire Trust Bank introduced this case to us as they believe it represents a good scheme with a highly regarded sponsor behind it. The development, which already has planning consent, consists of 17 homes (3, 4 & 5 beds) in an exclusive private road, each with a family friendly garden. The development will utilise modular housing as its primary construction method.
Located close to the A1141, the site benefits from strong connectivity to the local surroundings and the larger towns. Sudbury, Hadleigh, Bury St Edmonds and Ipswich are all within a 30 minute drive. All the 5 closest primary schools are all rated outstanding or good by Ofsted and are within a 15 minutes drive radius.
Following extensive due diligence and board approval; Hambros have provided the client with a gross loan of £1.413m on a 20 month term. Hambros security sees us take a second charge over the development site plus 2 securities provided by sponsors. The sale of the properties by the client ensures our exit strategy, with 2 units having been sold off plan already.