Rikvin finance vacant Prime land purchase in ARGYLE STREET for redevelopment
A prominent Singapore developer had their sights set on a prime piece of land in Glassglow, Scotland. Situated in the heart of Argyle Street, the developer saw the potential to transform the vacant lot into a Grade A office building, spanning 270,000 sq ft. However, traditional banks were not willing to take the risk of funding such a large project, due to the lack of existing structures on the land. Time was running out for the developer as they needed to secure the funds within 10 days or risk losing the opportunity to other interested parties. Just when all hope seemed lost, Rikvin Capital stepped in. Despite the unconventional nature of the project, Rikvin’s management team saw the potential and agreed to provide a loan of £4,000,000, with a loan-to-value of 36%. With Rikvin’s support, the developer was able to secure the land and begin construction on their dream project. The end result was a stunning office building, a testament to Rikvin’s belief in the developer’s vision.
- Location: Glassglow, Scotland
- Market Value: £11,000,000
- Loan Amount: £4,000,000
- Loan-to-Value: 36%
- Duration of Loan: 24 Months
- Payment Schedule: Rolled up Interest, paid at the end of term
- Asset Type: To Re build a vacant building to a Grade A new 270,000 SQ FT OFFICE BUILDING
- Completion Time: 10 Days