The Developer acquired this real gem in the heart of the West Midlands. It comprises 88,325 square feet of office space in 5 storeys spread over 3.4 acres with 336 car parking spaces. The Developer is a repeat client and we advanced over £1m in the first tranche. We took a first charge over the freehold and directors’ guarantees.
The Developer bought this 2-storey office building called Kian Court in Eynsham and obtained planning consent to convert into 16 one and two-bedroom flats. We advanced £1,450,000 against a purchase price of £2,850,000. The Developer has many projects to his credit and we had a high level of comfort with them. We lent to the SPV with a first charge over the building along with Directors’ Guarantees. The project is now complete with the flats being successfully marketed by a local agency. The office block was situated in a somewhat industrial area but within easy walking distance of the village centre and local amenities. The site offers country walks along the River Thames. Contact us To maintain client confidentiality, we have provided a generic outline only.
The Developer was introduced by one of our long standing Brokers. The client had acquired a large office block with plans to convert to 61 flats. We provided £1m to enable the conversion works to take place. The client provided the 1st charge on the freehold. Cash was released within 4 weeks of the request by our client who is an experienced construction company with several ongoing projects at any one time. Contact us To maintain client confidentiality, we have provided a generic outline only.
Our client was a long established and successful wholesale cash and carry. They had built a brand new outlet but at a cost and time overrun. The bank facility was fully utilised. The client still required funds to purchase stock and so consulted Vector. Apart from the trading history the client had considerable equity in the new building and so Vector were able to provide £450K business finance to enable them to stock up and start trading. To maintain client confidentiality, we have provided a generic outline only.
Vector Capital plc, a commercial lending group that offers secured loans primarily to businesses located in the United Kingdom, has announced that it has provided a £3.2m loan to Codev Crown House Limited, secured on Crown House, Great Yarmouth – a development of 30 flats. Crown House, originally an office block, has been developed into 30 high standard specification one and two bedroom flats. Vector has provided an exit loan which gives the developer much needed flexibility and time to sell the flats. The Gross Development Value of Crown House is c.£ 4.3m with one bedroom and two bedroom homes valued at £100K and £150K respectively. The development features open plan living with luxury finishes and lift access to all five floors and secure allocated parking. Vector Capital has provided the loan to redeem a group of early investors who financed the development of Crown House. The finance provided by Vector Capital will see the development through the sales process. Agam Jain, CEO of Vector Capital, said: “We are very pleased to have provided Codev with the financing and support to sell this important high-quality development in Great Yarmouth. We have provided support for several high standard office to flat developments and continue to see good levels of interest from developers as demand for office space falls but the need for homes remain high. Robert Wombwell Director of Codev said: “I’ve worked with vector for five years and find them to be unlike any other lender I’ve dealt with. Vector makes quick decisions and lends at a higher loan to value than other lenders. “Of critical importance to a developer are decisions by a lender that can be relied on and the speed at which the transaction can be completed. This transaction took just three weeks to complete while, in our experience, other lenders would take 12-16 weeks to complete the same transaction.”
An office block conversion to 31 flats financed by Vector in Bedford. To maintain client confidentiality we have provided a generic outline only.