The £1.3 million facility has been provided to a developer of a site in Hackney, East London.
The site comprises three terraced houses and two commercial premises that are being amalgamated and redeveloped.
The terms of the financing are extremely flexible for the borrower providing no exit fees or penalties, a competitive interest rate, and entirely flexible draw-down tranches.
Managing Director of Montello, Christian Faes, commented:
“Montello are one of the truly bespoke bridging finance lenders in the marketplace. Whilst we don’t have a development ‘product’ per se, if a deal makes sense to us then our funding lines are flexible enough to allow us to structure a deal that works for the borrower.
"This was one of those cases.
“The transaction has been done at a conservative LTV, and the story behind the development project makes a lot of sense. It is within a very short distance of the London 2012 Olympics Stadium, and the development will be completed before the opening ceremony.”
