Matthew Yassin, Director within the structured finance team at Arc & Co., the UK specialist debt advisor has completed a £2.1m development loan with Sancus.
The development loan was 60% LTGDV for a term of 24 months on a hotel in Alderney, Channel Islands that has been unused for the past decade. An outstanding building on a beautiful island will now be brought back to life in the form of a collection of luxury holiday homes which will benefit the tourist trade on the island.
Mathew Yassin said: “The team at Sancus were incredibly supportive of the client’s vision to transform the property, which has amazing views across the English Channel, this new development will allow tourists to visit the island and enjoy its beauty whilst also benefitting the local economy.
“Sancus were able to complete this swiftly and on time, within six weeks. It was a pleasure to work with the team who all pulled together to complete the deal.”
Josh Eyre (pictured), Managing Director, Sancus Offshore, added: “We were delighted to assist with this unique opportunity to transform a landmark site on the island, further evidencing our appetite to support established developers in the offshore markets. Arc & Co’s strength of relationship with the borrower and understanding of their client was evident throughout, allowing us to work in collaboration, resulting in a swift turnaround for all in involved.