Type: Mezzanine loan – residential
Loan amount: £13.0m
Term: 3 years
Loan secured against a 1-acre site in Slough with planning consent for 100 residential units. The client subsequently enhanced the planning consent, gaining permission for a further 19 units.
ASK’s facility assisted with the site acquisition (including VAT) and the initial phase of construction. The rest of the development funding was provided by an institutional high street bank.
The client has agreed a pre-sale of the affordable component to a housing association and the development is progressing well towards practical completion.