Alongside senior lending partner Pivot, LDS provided its largest Sales Guarantee to date to support a part-refurb, part-new build scheme of 52 apartments in Leeds.
As well as removing sales risk, to the benefit of both Pivot and the developer, a £750,000 cash release significantly reduced the developer’s equity contribution.
“Our client was keen to bring forward this site on the fringe of Leeds city centre. In this volatile market, whilst sale options are available, they come with concerns,” commented Marcus Wood, CEO of River Commercial.
“The Sales Guarantee provided our client with a significant upfront capital provision which aided cashflow and reduced interest overhead. LDS should be presented by all brokers to clients as part of their intermediary offering.”
Mark Roberts, relationship director at LDS, highlighted the importance of risk removal for lenders in a softening market. “Fundamentally, the Sales Guarantee removes uncertainty and therefore is attractive in larger, or more unusual sites.”
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