Working together for the fourth time, LDS and West One have supported two sites with a combined GDV of £5,335,000.
Situated in Nottingham, the developments comprise two detached homes and seven apartments.
Tang Developments Construction—which has completed numerous schemes in the Nottingham and Leicester area—used the LDS cash deposit to repay existing charges on both sites.
In addition to removing sales risk, the LDS deposit reduced the amount of equity needed from the developer, and the deal was completed in just one month.
Developer
Philip Jones, of Tang Developments, said: “With the support of LDS, we have been able to unlock the potential of two sites and reduce our sales risk.
“The LDS deposit topped up our senior debt with West One and proved crucial in progressing both locations.
“We’ve found dealing with LDS seamless and their offering much needed—especially in the present funding market—and we look forward to the potential of working together on more projects.”
Broker
Introducer Chris Oatway of LDN Finance commented: “LDS were extremely efficient and managed to complete the deal within four weeks of them issuing terms. They went outside their normal criteria and pushed the deal through their legal process far quicker than we were aware was possible.
“This was my first deal with them but undoubtedly not the last.
“West One were supportive, patient and flexible throughout. Valan was communicative and provided confidence that they would deliver the funding required for two excellent projects combined together. They were a pleasure to work with and we look forward to completing on our next project together.
Lender
Valan Redmond, Portfolio Manager at West One, said: “Collaborating with LDS again has meant that, together, we have facilitated the growth ambitions the Tang team. Partnering in this way means that we can not only meet our developer clients’ expectations but exceed them—in terms of leverage and timescales.”
LDS
Mark Roberts: “Close lender relationships like the one we have with West One enable us to move quickly and provide brokers and developers with certainty of terms and execution.”
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