The introducer, Gurgit Basi of Barstow Bradstock Associates (BBA) was well known to Sancus. BBA have been property brokers for over 40 years.
The loan was to facilitate the purchase and development of 9 houses in West Sussex.
The Borrower was an SPV (special purpose vehicle) formed for the purpose of developing the project, with the owner and the guarantor of the SPV having already undertaken 3 smaller developments.
The development comprised 3 detached and 6 semi-detached houses.
The loan will be repaid from the sale of units or refinancing on practical completion.