Bridge and Residential Development Lending Stretched Senior and Mezzanine

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1 Bridge and Residential Development Lending Stretched Senior and Mezzanine

2 Development Finance 1. Developer competence and experience. 1. A track record of successful developments 2. Slight Credit Impairment with mitigating circumstance acceptable 3. Sufficient resources to fund cost over-runs 2. Project Viability 1. Light refurbishment to full development/new build 2. Developer margin in excess of 35%. 3. UK wide, Central London NOT preferred 1. Projects considered in some European Jurisdictions 4. Residential preferred 5. We don t like; 1. Single assets over 2m 2. Large blocks of flats 3. Holiday/2 nd Homes 4. Properties for a regulated activity, ie, HMO s, Care Homes, Schools, Medical, etc. 5. Commercial without a pre-let or certain exit 3. Gearing 1. Up to 90% of purchase and build cost. (Higher LTC in special circumstances), subject to; 2. 75% maximum entry LTV. (Initial advance versus As-Is value) 3. 75% maximum total loan and financing costs to GDV 4. Loan terms 1. 1 st or 2 nd Charge ,000 to 10,000, Up to 2 years

3 Development/Refurbishment Rates 1 st Charge (Stretch Senior) 0 to 70% LTC 0 to 80% LTC 0 to 90% LTC Rates 0.90% 1.10% 1.20% Arrangement fees) 2.0% 2.5% 2.5% Initial Introducer Fee 1% 1% 1% Maximum GDV 75% 75% 75% Entry LTV 75% 75% 75% Available for property refurbishment, structural development or new build. Will consider whole of UK. Up to 90% LTC. 2 nd Charge (Mezzanine) to 70% LTC to 80% LTC to 90% LTC Rates 1.70% 2.10% 2.50% Arrangement fees) 3.0% 3.0% 3.0% Initial Introducer Fee 1% 1% 1% Maximum GDV 75% 75% 75% Entry LTV 75% 75% 75% 2 nd Charge and mezzanine dependent up the nature of the inter-creditor deed. We cannot accept a reduction in creditor rights, and require senior lenders to cap their advance/claim.

4 Contact Us Paul Cragg, Director, Chairman of the Credit Committee The early years of his professional career were spent in Corporate Banking, with almost 20 years at Barclays, moving almost exclusively into Property Finance from During this time he has been seconded to the Bank of England, spent time in Australia with Westpac Banking Corporation s property sector teams and was an Executive Director of Ansbacher & Co Limited where he was head of property lending and specialist finance for over 16 years. More recently he led and negotiated the Management Buy-out of the Ansbacher & Co Property Finance division and successfully completed the 280m financing of that purchase and ongoing funding. Clint White, Loan Officer Clint comes from a banking background, having worked in banks for the past 10 years, the last 8 of which were in property finance. Clint has significant experience in investment and development finance and is keen to help structure a deal wherever possible. He says: I love lending and I really want to help people achieve their goals, so I am very keen to discuss any potential transactions to see if there is a way to meet the borrower s needs. London & The South East DD: M: David Mill, Loan Officer David has had 25 years of clearing bank experience since leaving school. He moved to London in 1996 to pursue a career in Corporate Banking before deciding a few years later to specialise in lending to the real estate sector. David left banking and joined Wellesley in September 2014 to follow his passion The Midlands, The North & Scotland DD: M: Andrew Scotting, Loan Officer Andrew has over 20 years of experience within the Real Estate finance industry structuring real estate transactions in the UK and Europe. He has extensive expertise in structuring senior debt and highly leveraged property deals and has a history of delivering and creating strategies to fit with the opportunities within the market. Andrews professional experience includes Investec, and Pluto Finance where his most recent position was Fund Director. Andrew: The West, The South West & Wales DD: M:

5 Minty Brown, Associate Minty graduated from Manchester University in 2013 gaining a BA.Hons in the History of Art. Recently joining Wellesley & Co, Minty has spent the last nine months working in property investment. Broker Registration: Internet Switchboard loanofficers@wellesley.co.uk