Family-owned developer IndigoScott has secured a £21.3m development exit loan from Hilco Real Estate Finance.
The 24-month facility was secured at 75% loan to value, allowing IndigoScott to complete marketing and sale of the Abbey Wall residential scheme in Wimbledon, SW19. The finance was secured against the partly sold 66-flat block, which includes ground-floor commercial space.
Charlie Job, associate at Hilco, said: “This loan gives our client time and flexibility to sell down the scheme and deliver vital housing supply in the local area. They have developed a project that is already part sold, demonstrating strong local demand, and we expect this to continue as residential transaction volumes stabilise.”
The transaction was introduced by RockCap, with valuations undertaken by Gerald Eve, and Gunnercooke leading the legal due diligence for Hilco.
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