Ortus completes £4 million development exit loan in 3 days
10 September 2018
The client had completed a block of flats and needed to refinance development funding pending the sale of the units.
Ortus became involved 3 days prior to a drop-dead completion deadline.
Timings were critical as the client would incur significant costs had the deadline been missed.
Another lender had been working on the deal but had decided not to proceed
Ortus took a first charge over the flats along with two residential second charges to shore up the security position.
Ortus agreed to use the existing valuation and instructed their lawyers Howard Kennedy to commence work immediately.
Insurances were taken in lieu of several searches and the various components to the deal were run concurrently.
Jon Salisbury, MD at Ortus commented:
“At Ortus we are well-resourced to cope with deals requiring dedicated attention and fast completions.”
- “This loan went particularly smoothly thanks to the hard work and professionalism of the introducer who gave us accurate information and managed the client interaction really well. There was also an outstanding performance by our lawyers at Howard Kennedy. Our lending team worked some very long hours and that is what introducers and clients have a right to expect.”
The deal was introduced by Malcolm Scanlon at Niche Financial Services who commented:
- “Our client was up against a tight deadline and needed certainty that completion would take place on time. Ortus had the decision-makers on hand which made a big difference. They also had a real determination to deliver which was refreshing to see.”
