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Hambros Secured Lending was launched in the latter part of 2019 to assist the funding of property development projects in the UK by providing the whole capital requirement.
Hambros is pleased to announce that we have closed our first deal. Along with OakNorth Bank as senior lender and Hambros as the junior lender, we funded a City centre mixed use Development in Reading consisting of three commercial units and 33 Residential apartments.
Jackson’s Corner is located near the centre of Reading, amongst many local amenities, on the corner of King’s Road and the High Street with good transport links, including high speed connections into London.
The project comprises of a total development facility of £14,195,000 with a Gross Development Value (GDV) of £18,195,079. As junior lender, Hambros have provided mezzanine finance of £1.295m on a second charge basis for a term of 12 months.
The plan is for the borrower to secure a lease for the third commercial unit which will allow them to sell the 3 commercial units as a single commercial investment. In parallel, a number of the private residential units will be sold allowing the project to refinance with a cheaper sales/exit orientated product. This will then remove both the senior lender’s development loan and the mezzanine debt provided by Hambros.
Hambros specialise in structuring senior debt, stretch senior, mezzanine, preferred and ordinary equity. Please Contact Us today to discuss your finance needs.