Our U.K. focused finance market coverage, your complete real estate funding package.
Pilcher Group brings together a granular understanding of real estate from decades of principal developer experience, with detailed knowledge of property lending, so that we are able to bring unique insight into how the worlds of finance and property best fit together.
19 October 2021
Development Finance -16 houses, West Sussex
PG gathered a variety of senior and mezzanine offers for this scheme with a GDV of c.£7m. 10 combinations of senior and mezzanine funding were analysed, with the best client option increasing their return on equity by over 20%. The funding structure also freed up developer equity to enable further land options to be possible during the build.
Development Finance - 48 Apartments, Berkshire
A developer had acquired an office to convert to residential using PDR, while also seeking planning for new build units on the same site. In a short timeline, PG was asked to provide a combination of senior and mezzanine funding for the enlarged scheme once planning had been achieved for the new build portion. GDV of the scheme c.£14m
Bridge Loan - land seeking planning
An experienced land promoter had acquired a parcel of land to secure planning permission, but the incumbent lender needed to redeem the loan. PG was able to source a variety of options for this niche requirement, which were able to refinance c.£7m of existing debt, and fund c.£6m of infrastructure expense to enhance the site value to incoming buyers.
Acquisition and Development Finance - 200+ Apartments, South Coast
A client wanted to bid for a site with potential to build 200+ units asking PG to generate funding support, in very challenging market conditions, for the c.£75m land buy and development. Within days, a written offer of senior debt terms was available, and shortly afterwards, the full funding structure had been completed.
Development Finance - 22 apartments and 4 houses, Cheshire
PG was approached to improve the basic senior debt funding package and £900k mezzanine for this scheme with a GDV of c.£15m. PG was able to secure a senior debt offer saving 1.0% of the headline senior rate with reduced fees. The mezzanine provider brought by PG was able to offer £1.5m.
Turnaround/Refinance - developer with £300m+ GDV pipeline
A developer in the north of England had 26 separate loans across a dozen sites, delivering c.1,500 rooms. PG worked with management to rationalise and refinance the portfolio to both reduce leverage and operational complexity, while also reducing the average cost of debt capital.
PILCHER GROUP REAL ESTATE FINANCE BROKERAGE
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