- 2nd June 2023
- Posted by: DMM
- Category: Uncategorised
Developer Money Market are delighted to have completed the £17 million refinance of the mixed-use Glenisla Development in Perthshire, Scotland. This exciting scheme comprises three current phases of residential led development, a 60-bed specialist dementia care home, a 9-hole golf course extending to some 90 acres together with a clubhouse and restaurant. With a GDV of around £23 million and being a project with multiple asset classes outside of the major Scottish conurbations, the project took many months of negotiation to reach completion.
The loan provided through Hilltop Credit Partners enabled the refinance of the existing lender and a development facility of around £8 million for 55 residential units in phases two and three, completion of the part-built care home (pre-sold), infrastructure/costs and completion of commercial units.
However, the stunning setting had proved to be a draw for potential buyers with the whole of phase one sold out and the off-plan sales coming in quickly for the next phases. An additional 23 acres of land with master planning for over 100 further units means that the project has many more sales to come.
“Finding a lender for such a large multi-asset development was a challenge but we had a determined developer client and a lender in Hilltop Credit Partners whom were also very committed to making the deal work.”
The developer client, Malcolm Officer said “Due to various complexities this wasn’t an easy project to secure funding for. Nevertheless, Jason used Developer Money Market’s huge panel of lenders and utilised the strong presales on the residential and care home to secure terms. With a lot of effort on both sides we were able to get the funding over the line!”
Jason Dempsey, Director of Developer Money Market, said “Finding a lender for such a large multi-asset development was a challenge but we had a determined developer client and a lender in Hilltop Credit Partners whom were also very committed to making the deal work.”