Darren Baker

Peritus Corporate Finance secures £28.7m bridging loan

Brokerage Peritus Corporate Finance has completed a bridging loan of £28.7m for an international property developer.

The facility — the second Peritus has secured for the client — will be used for the refinancing of a parcel of land covering more than 35 acres located within 30 minutes of the centre of Edinburgh.

The 700-unit site will be split into plots, serviced and sold to national/regional housebuilders.

Peritus secured the loan from a specialist fund which offered debt terms at just below 70% LTV on land with planning.

The initial loan sourced by the broker was £6.5m, and the two facilities — which totalled more than £35m — were completed within three months of each other.

Marcus Perry, director at Peritus, commented: “We have developed a seamless working relationship with this client, offering full origination and transaction management services to enable our client and his talented team to focus on executing their business plan.”

Darren Baker, CEO at Peritus (pictured above), said: “We have worked on a number of land assembly and pre- and post-planning cases this year and we have developed an expertise in sourcing and delivering highly competitive and flexible debt structures.  

“We are also now seeing material traction in the PRS development space and are working on two large residential towers in the Midlands, which will provide close to 600 new homes.”

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