Residential developer and investment firm, London Green, has completed the £5m refinancing of an existing development loan facility on its 23-unit courtyard scheme in Woolwich, South East London.
Conducted through mezzanine finance specialist, Iron Bridge Finance, the refinancing is part of a developing partnership between the two firms, intended to support the growth of London Green’s early stage pipeline and accelerate the delivery of new housing.
The businesses first came together last year for a similar sales exit refinancing, which followed the repayment of a development loan on an 18-unit scheme in Ashford, Kent. Iron Bridge Finance has also granted London Green a mezzanine loan facility for a 59-unit development in Bexleyheath.
Joe Green, director at London Green, said: “We’ve been impressed with the speed, flexibility and transparency of Iron Bridge Finance’s transactions, and see them as an important component of our growth plans for London Green.
“Through releasing capital prior to sales completions we’re able to invest in our future pipeline, speeding up the delivery of much-needed housing and allowing us to operate with greater efficiency.”
Lance Joseph, CEO at Iron Bridge Finance, added: “It’s a pleasure to be supporting London Green with its business growth, and we look forward to continuing to strengthen our relationship.”