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Lendhub Completes £1.22m Finance for Havering Housing Development

Lendhub has completed a £1.22 million development finance facility for the construction of two four-bedroom semi-detached houses in the London Borough of Havering. The 18-month facility will fund a ground-up development on land owned outright by the borrower, with full planning permission and a projected gross development value of £1.75 million.

The deal was introduced by Nigel Hakkak of Cobalt Financial. The facility was structured at 13% loan-to-value against the £195,000 market value of the land on day one, and 70% loan-to-gross development value against the scheme’s projected value. Interest will be rolled across the 18-month term, which includes 12 months for construction and six months for sale or refinance.

Planning consent for the scheme was granted in June 2025. The borrower owns the land outright, providing an equity buffer that influenced the credit structure. Three personal guarantees are in place for the facility. The scheme will be delivered on a self-build basis through REA Construction Ltd, an associated contractor under common ownership.

Edward Scott of London’s Surveyors & Valuers undertook the valuation, and IESIS Consult is acting as monitoring surveyor. The facility is structured to fund 100% of construction costs against the land equity, with drawdowns aligned to the build programme and standard monitoring conditions for a development of this size.

This transaction adds to recent activity in the London property finance market, where lenders have been active in both bridging and development finance segments.