Development Exit Loan
Cheaper financing post-practical completion. ASK provides development exit loans to assist developers at the post-practical project completion stage, while they are still managing unit sales. We are a trusted, experienced and flexible lender.
A residential development finance case study – St John’s Wood, London
In May 2021, ASK provided a development facility of £23.6m (in conjunction with OakNorth Bank) to experienced developer Benjamin Goldkorn. The loan was secured against a c.10,000 sq ft, prime freehold residential property in St John’s Wood, London. The borrower’s plan was to redevelop the two properties into seven apartments and two duplexes, totalling c.18,000 sq ft whilst retaining its original grand Georgian villa façade. The properties were developed to a prime specification; access to the apartments is via a communal core at lower basement level which includes 9 car parking spaces, accessible by a car lift. Other features include a gym, cycle store, concierge services and media/storage rooms (available as an optional add-on).
Great Suffolk Yard
Loan provided in conjunction with partner, OakNorth Bank, secured against a 65,000 sq ft Grade A, BREEAM Excellent office development, with facilities spread across three buildings, six floors and four roof terraces, situated around a central cobbled courtyard, in the Borough area of Southwark, London
Godalming
Loan provided in conjunction with partner, GRE Finance, secured against an 87-unit residential development in Godalming, Surrey, which provided the developer with a bridge to complete a part sale and part lease up strategy
The Brick
Development exit loan secured against a completed residential-led development in Maida Vale, London, comprising 73 residential units alongside an element of B1 and D1 commercial space. The fully completed scheme provides high quality residential stock in a very desirable location in north-west London
