District & County Investments (DCI) has provided a \u00a32.47 million development facility for a mixed-use refurbishment project in Stoke Newington, London, after the scheme lost its previous funding due to complications related to its Grade II listed status.<\/p>\n
The 18-month facility was arranged after the original lender withdrew from the project, citing concerns over the complexities of working with a listed building. The funding supports both the construction phase and the eventual exit strategy for the borrower.<\/p>\n
The facility was structured at below 60% loan-to-gross-development-value, providing a conservative leverage ratio. DCI\u2019s assessment focused on the borrower\u2019s track record in similar refurbishment and conversion projects, rather than applying standard lending criteria that had previously blocked the deal.<\/p>\n
The lender conducted a detailed review of listed building considerations, construction costs and programme timelines, supported by monitoring surveyor input, before proceeding with the facility.<\/p>\n<\/p>\n
\u201cThis was a scheme where the fundamentals were clear, but it had fallen out of another lender\u2019s process due to the listed building,\u201d said Michael Clifford, commercial director at District & County Investments. \u201cBy taking a more pragmatic view and really understanding both the asset and the borrower\u2019s experience, we were able to move quickly and structure a facility that works in practice, not just on paper.\u201d<\/p>\n
The primary exit strategy for the development is refinancing upon completion, with the option to reduce debt through unit sales if required. The deal was completed on a tight timeline to allow the borrower to proceed without further delays.<\/p>\n
Annabel Crawshaw, director of operations at Credicus, the broker on the transaction, said: \u201cDCI were a pleasure to work with on a recent refinance of a Grade II listed asset. We were on a tight redemption deadline, and the client required funds quickly to commence their project.\u201d<\/p>\n
The transaction highlights ongoing challenges in the development finance market, where specialist lenders are increasingly required to fill gaps left by mainstream institutions. This comes as stamp duty receipts reach \u00a315.2 billion<\/a> following recent threshold changes, indicating continued activity in the property market despite broader economic headwinds affecting house price forecasts<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" District & County Investments (DCI) has provided a \u00a32.47 million development facility for a mixed-use refurbishment project in Stoke Newington, London, after the scheme lost its previous funding due to complications related to its Grade II listed status. The 18-month facility was arranged after the original lender withdrew from the project, citing concerns over the […]<\/p>\n","protected":false},"author":1,"featured_media":8700,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-10576","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n