|GROSS LOAN||LOAN TYPE||TERM||LTV||LOCATION||MONTHLY RATE|
|c. £3m||Secured Bridge||24 months||c.30%||Berkshire||0.70%|
The borrower requested a loan from Novellus, secured on existing land with outline planning for industrial purposes, to release equity from the site and provide capital for other projects.
Research: The borrowers are experienced developers who had successfully secured outline planning for industrial purposes on their existing 10 acre site, significantly enhancing its value. Being privately funded, Novellus was able to offer the borrowers certainty of capital and execute the transaction quickly on competitive terms in a rapidly changing market.
Terms and Timelines: Novellus provided a secured gross loan of £3m at a competitive rate of 0.70% per calendar month, fixed for 24 months and the loan was completed within 2 weeks.