Development finance isn’t (currently) part of our offering, however, we have a great knowledge of the Gibraltar market and we have previously successfully funded the borrower on similar projects.
The developers have a long track record of delivering excellent products in what is an active and desirable market. The build here consisted of 2 new buildings in separate locations, one made up of 31 new high-end apartments and the other 24 of a similar standard.
Here we provided a 3-part facility used as follows:
Part One – £450,000 to clear the existing debt on the site
Part Two – £1,350,000 to facilitate the initial phases of the development, including interest
Part Three – £5,700,000 to finance the development
The GDV of the project is expected to reach £17,000,000 with a 30-month build period.
This loan was funded part by Tenn’s balance sheet and part from co-funders who participated in the economics of the transaction alongside us – for more details see co-funder page