Loan secured against land in NE England with planning for 625 units
Loan amount: £3,950,000
Purpose: Pivot provided a loan to an existing client to support the future development of a large scheme in NE England with a GDV of £56.5m. The planning permission was being amended so client required a bridge ahead of development finance. Pivot’s facilities repaid a land loan from another lender, plus a private investor and also provided further funds towards an infrastructure project.
Exit: Development finance.
Interesting facts: Pivot was comfortable providing a large loan against land, as the clients were repeat customers and experienced developers in NE England.