Our first charge land bridge for a consented 13-home development site in Hever, Kent, was repaid in full last week, seven months from drawdown.
Shojin provided a £1m facility to fund the acquisition of the site. The loan was structured at 56% of residual land value based on a Strutt & Parker valuation of £1.875m, with first charge security, personal guarantees from three directors covering 100% of the facility, and interest serviced monthly.
The developer needed to complete quickly and the bridge gave them the time to secure the land and arrange follow-on financing. The facility was repaid in full with no complications.
Got a scheme to discuss?
We're reviewing new enquiries for bridge, mezzanine and development facilities.
Get in touch: funding@shojin.co.uk
