Specialist packager Thistle Finance has completed a £4.5m exit facility on a residential development in Gosport through London-based specialist lender, Oblix Capital.
The development exit loan will provide the client with a year to extract maximum value from its 13 units, located in the historical naval setting of The Royal Clarence Marina. A number of the units have already sold or exchanged.
Mark Dyason, managing director, Thistle Finance, said: “Thistle Finance are thrilled to have helped realise this project in what is a famous naval setting.
“Our client is undertaking some impressive developments and Oblix Capital were on hand to offer an equally impressive exit facility with a market-leading rate. It’s now full steam ahead on getting the rest of the units under offer.”
Since work began two years ago, the market value of the contemporary four and five-bed units where Georgian period design meets 21st Century tech and luxury, has risen by over 10%. Each unit is open-plan, high-spec and has been built to meet strict sustainability criteria.
Andy Reid, sales director, Oblix Capital, added: “For us, this development was an immediate green-light. A number of the units have already been sold and we expect the rest to be snapped up very quickly.
“To provide the borrower with total flexibility and peace of mind, along with a competitive rate there are no early repayment charges on this facility.
“We have a great relationship with Thistle Finance and it was a pleasure to work this case through with Mark.”
Thistle Finance secured the original development loan two years ago through a major challenger bank, and has now transferred its client onto a market-leading development exit rate through Oblix Capital.