Vector Capital plc (AIM: VCAP), a commercial lending group that offers secured loans primarily to businesses located in the United Kingdom, is pleased to announce that it has provided a £3.2m loan to Codev Crown House Limited (“Codev”) secured on Crown House, Great Yarmouth a development of 30 flats. Crown House, originally an office block, has been developed into 30 high standard specification one and two bedroom flats. Vector has provided an exit loan which gives the developer much needed flexibility and time to sell the flats.
The Gross Development Value of Crown House is c.£ 4.3m with one bedroom and two bedroom homes valued at £100K and £150K respectively. The development features open plan living with luxury finishes and lift access to all five floors and secure allocated parking.
Vector Capital has provided the loan to redeem a group of early investors who financed the development of Crown House. The finance provided by Vector Capital will see the development through the sales process.
Agam Jain, CEO of Vector Capital, said: “We are very pleased to have provided Codev with the financing and support to sell this important high-quality development in Great Yarmouth. We have provided support for several high standard office to flat developments and continue to see good levels of interest from developers as demand for office space falls but the need for homes remain high.
“We were able to complete Crown House development loans from the initial application to the drawdown of funds in just three weeks. The ability to approve loans quicker than most traditional lenders and make funds available is important to our customers due to their need to move forward with speed and confidence to secure the property.”
Robert Wombwell Director of Codev said: “I’ve worked with vector for five years and find them to be unlike any other lender I’ve dealt with. Vector makes quick decisions and lends at a higher loan to value than other lenders. Of critical importance to a developer are decisions by a lender that can be relied on and the speed at which the transaction can be completed. This transaction took just three weeks to complete while, in our experience, other lenders would take 12-16 weeks to complete the same transaction.”