Prospect Capital was pleased to fund the completion and exit of an existing residential period house development. The property is located in Wimbledon, an established and well regarded residential location. It lies within the desirable Wimbledon Park area and Wimbledon North Conservation Area. Local amenities and public transport links are readily accessible and Wimbledon Park itself lies a short distance to the north.
The property is an Edwardian detached house standing over principally three floors with cellarage, stands in circa 0.6 acres with a secure and well screened boundary. The development comprises five lateral apartments and a spacious coach house set within a former detached Edwardian house, and a further three contemporary mews houses.
The purpose of this loan was to replace a conventional development loan and provide additional funds to complete the development that was 90% finished. This included the final finishing touches to the site such as landscaping and to provide time for the properties to sell following completion of the development.
Prospect Capital was happy to take a commercial approach to the Day 1 Loan to Value, due to the exchange of two properties which quickly reduced the leverage, and the excellent profile of the developer who has a strong track record of delivery.