Property finance lender LendInvest has completed a £16 million financing deal with finance borrower Yogo Group.
The deal, which was completed in three weeks from initial introduction to site purchase, will fund the part-conversion and rebuild of a Grade II listed building, the former Thomas Lipton Care Home, in addition to the construction of new units.
Once completed, the project will deliver 24 apartments and six houses, ranging from 1 to 4-bed units. They will be of bespoke design and available to first-time buyers.
The site, which sits in five acres of its own grounds, is situated in the popular North London commuter town of Southgate, home to a Piccadilly Line tube station and only 28 minutes from King’s Cross.
Building work is expected to be completed by March 2019, with the total GDV (gross development value) set to surpass £26 million.
The deal was introduced by Daniel O'Neil of SPF Private Clients, who also advised on it throughout.
“Time is undeniably crucial for any developer,” Steve Larkin, director of development at LendInvest, said. “In this instance it was make or break, with the developer facing the prospect of losing a coveted site to other purchasers having been let down by their initial lender. Our team went the extra mile to ensure that this did not happen again.”
He added: “Working with an award-winning developer is always a comfort for a lender, and we have full confidence in the Yogo Group to deliver the quality bespoke living spaces they are so well known for.”
George Philippou, managing director of Yogo Group, said of the deal: “Yogo Group is delighted to be working with LendInvest to deliver another one of its high-quality residential developments in a unique enclave of Southgate.”
He added: “We would like to express our immense gratitude to LendInvest who have been extremely supportive of Yogo Group not only by funding the majority of the scheme but also by achieving the unachievable and ensuring a quick and smooth three week completion.”