Vector Capital finances £3.2m exit loan
Commercial lending group Vector Capital has provided a £3.2m loan to Codev Crown House Limited, secured on Crown House in Great Yarmouth for the development of 30 flats.
Crown House, originally an office block, has been developed into 30 high standard specification one and two bedroom flats.
Vector has provided an exit loan which gives the developer flexibility and time to sell the flats.
The gross development value (GDV) of Crown House is £4.3m, with one and two-bedroom homes valued at £100,000 and £150,000, respectively.
Agam Jain, chief executive of Vector Capital, said: “We are very pleased to have provided Codev with the financing and support to sell this important high-quality development in Great Yarmouth.
“We have provided support for several high standard office to flat developments and continue to see good levels of interest from developers as demand for office space falls but the need for homes remain high.
“We were able to complete Crown House development loans from the initial application to the drawdown of funds in just three weeks.
“The ability to approve loans quicker than most traditional lenders and make funds available is important to our customers due to their need to move forward with speed and confidence to secure the property.”
Robert Wombwell, director of Codev, added: “I’ve worked with vector for five years and find them to be unlike any other lender I’ve dealt with.
“Vector makes quick decisions and lends at a higher loan to value than other lenders. Of critical importance to a developer are decisions by a lender that can be relied on and the speed at which the transaction can be completed.
“This transaction took just three weeks to complete while, in our experience, other lenders would take 12-16 weeks to complete the same transaction.”