The developer, a long standing, repeat borrower with Sancus had an impeccable track record in terms of servicing and repayment of previous loans with Sancus.
The loan was used to assist with the purchase of a portfolio of 33 properties, the majority being residential units of between 1 and 4 bedrooms.
The properties, though mainly tenanted were in need of some cosmetic updating.
The developer planned to work on the properties over a two year period to ensure the rent continued to be received to service the interest, terminating the leases on circa 5 properties at a time, refurbishing them and then selling on.
“I have been using Sancus for bridging and development finance on a number of projects for several years now. I have closed on transactions in less than 2 weeks, giving me an advantage when purchasing properties. The terms are flexible and they will take part repayments or full repayment without substantial penalties.”