Vector Capital grants £ 3.2million exit loan for 30-apartment development in Great Yarmouth
Vector Capital plc, a commercial lending group which provides secured loans primarily to businesses located in the UK, announced it has provided a £ 3.2million loan to Codev Crown House Limited, secured on Crown House, Great Yarmouth – a development of 30 apartments.
Crown House, originally an office building, has been developed into 30 high quality one and two bedroom apartments. Vector has provided an exit loan which gives the developer the flexibility and time much needed to sell the apartments.
Crown House’s gross development value is around £ 4.3million with one-bedroom and two-bedroom homes valued at £ 100,000 and £ 150,000 respectively. The development includes an open plan living space with luxury finishes and elevator access to all five floors and secure parking.
Vector Capital granted the loan to buy out a group of early investors who financed the development of Crown House. The funding provided by Vector Capital will see development through the sales process.
Agam Jain, CEO of Vector Capital, said: “We are very pleased to have provided Codev with the funding and support to sell this important, high quality development in Great Yarmouth. We have supported several high quality office to apartment developments and continue to see a good level of interest from developers as the demand for office space declines, but the need for housing remains high.
Robert Wombwell, Director of Codev, said: “I have worked with vector for five years and find they are unlike any other lender I have dealt with. Vector makes quick decisions and lends at a higher loan-to-value ratio than other lenders.
“The decisions a lender can trust and the speed at which the transaction can be completed are of critical importance to a developer. This transaction only took three weeks, whereas in our experience other lenders would take 12-16 weeks to complete the same transaction.