Refinancing of £2.1m for its site on Caroline Street, Birmingham
Sancus are delighted to support London Development Group (LDG) in the refinancing of its site on Caroline Street in Birmingham with a £2.1m advance.
The funding has been used to refinance the site following the granting of planning permission, providing LDG with time to terminate its current tenancies and prepare the site for development.
The site will be provide 37 high quality apartments and ground floor commercial space in the desirable Jewellery Quarter area of the city.
Sancus were recommended to the Group by LDG's lawyer who recognised the need for an experienced funder who could operate at pace and quickly understand LDG's requirements.
Credit backed terms were provided within 5 days of the initial conversation with Daniel Obertelli (CEO of LDG).
The loan was largely completed during the current "lock down" period, making full use of Sancus' adaptability, speed and client focus. Sancus maintained its commitment to provide funding to LDG despite the dramatic change in circumstances presented by COVID-19 throughout discussions and drawdown.
Sancus intends to provide a further £5m to support LDG on the completion of the development.
Daniel Obertelli of LDG said, "After being introduced to Sancus they responded quickly and professionally from introduction to completion in a matter of weeks in executing a facility in the midst of the COVID-19 lockdown that will enable us to deliver our recently consented scheme, in the rapid and daily evolving situation of this pandemic.
Richard and his team are experienced, knowledgeable and understanding of development which is what we seek from a lender especially with the current market conditions."
Richard Whitehouse of Sancus commented, "Daniel and his team have been great to work with, we were asked to deliver quickly which was made easier by the quality of information we received and the high level of client and legal engagement. I feel that this loan, especially in the current circumstances, really demonstrated the value of the Sancus approach. We do not use a rigid credit policy to make our decisions, we seek to understand each Borrower and their unique proposal, always making an assessment on a case by case basis. On this occasion we could see that we were dealing with an experienced and extremely professional client who had an attractive scheme to deliver.
I'm delighted Daniel chose to work with Sancus and to receive feedback like that from Daniel and LDG."
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