New-Build Block of Fourteen Apartments in Leicester
£3,200,000 · 22 months · 0.92% pm. A regional developer was building a fourteen-unit apartment block in a Leicester regeneration zone.
The Client
Regional developer
The Challenge
A regional developer was building a fourteen-unit apartment block in a Leicester regeneration zone. The scheme had full planning but required a larger facility than the developer had previously used, with their existing lender unwilling to upsize.
Our Solution
Doulton structured a £3.2m senior development facility with a retained interest reserve and a phased drawdown schedule. A Doulton-appointed monitoring surveyor reviewed progress monthly.
The Outcome
Block completed on budget and three weeks ahead of programme. Ten units sold off-plan and the remaining four sold within two months of practical completion. Facility fully redeemed. Key highlights: Largest facility for this developer - relationship supported throughout; Completed three weeks ahead of programme; Ten units sold off-plan prior to PC.
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