LendInvest has provided a refurb GDV facility exceeding £900,000 to fund the share purchase acquisition and heavy refurbishment of a semi-commercial property in Buckhurst Hill, with the borrower planning to exit onto the lender's buy-to-let products on completion.
The 18-month facility was structured for an experienced developer with a prior borrowing relationship with LendInvest, introduced by broker Nascot Advisory. It was the first case Nascot Advisory had placed with the lender.
LendInvest's Refurb GDV product calculates the loan limit against a property's gross development value rather than its current value, providing day-one capital for acquisition or refinance alongside staged funding covering 100% of construction costs.
The scheme involves constructing a double-storey rear extension and converting a detached rear building, expanding the site's total gross internal area to 329 sqm. On completion, the development will produce a ground-floor retail unit, two high-spec duplex apartments and a standalone two-bedroom bungalow, bringing the GDV to £1.5 million.
To accommodate the complexity of the deal, LendInvest structured a day-one net loan of £417,000 at 70% LTV, alongside 100% of the £358,000 construction budget. The package carries a 59.52% loan-to-GDV. The borrower's exit strategy is to refinance the residential element onto LendInvest's long-term BTL products, retaining the option to sell the commercial unit separately.
"Placing our first case with LendInvest was a seamless experience," said Vishal Dixit, managing director at Nascot Advisory.
"Their team understood the nuances of the share purchase acquisition and heavy refurb elements immediately, delivering a flexible structure that met our client's exact timeline and capital needs. Utilising the in-house MS/Asset manager function sped up the process, and completing the deal in 38 days resulted in a great outcome for our borrower. We look forward to building on this partnership."
Michael Minnie, head of bridging sales for bridging at LendInvest, said: "At LendInvest, we're always ready to support brokers and their clients who can see the potential in a property. Our Refurb GDV product is the perfect fit for borrowers who want to take on ambitious projects.
"We are thrilled to complete our first deal with Vishal and the team at Nascot Advisory while continuing our strong relationship with a valued repeat borrower. Refurbishment projects of this scale require flexibility and precise structuring, and our £900k+ facility gives the developer the exact runway needed to unlock this site's £1.5M potential."
If you’re exploring bridging or development finance, get in touch and we can connect you with the right lender.
