Family-owned London property developer IndigoScott has secured a £21.3m development exit loan from Hilco Real Estate Finance (HREF).
The 24-month loan, at 75% loan to value, allows IndigoScott to resolve a complex inter-creditor situation and complete the marketing and sale of the Abbey Wall scheme in South West London.
The loan is secured against the partly sold 66 apartment new-build residential block, which includes a ground floor commercial unit.
Charlie Job, associate at HREF, 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 high-quality project that is already part sold, demonstrating strong local demand, and we expect this to continue as residential transaction volumes stabilise.”
Jeremy Scott, director of developer IndigoScott, added “Hilco were able to quickly grasp the complexity of the case and provided an innovative and creative funding structure. Their communication was excellent and they remained closely engaged and supportive throughout the transaction.”
The transaction was introduced by RockCap with valuations undertaken by Gerald Eve LLP. Gunnercooke led the legal due diligence for HREF.
