Essex Street

A distinguished midlands developer known for their landmark projects Bank I and Bank II approached LEXI to raise finance for the construction of a 30-storey, 160 apartment scheme in Birmingham’s Chinese Quarter.

After a competitive bidding process that included looking at senior and mezzanine blended options, it became apparent that a stretched senior loan from a single provider was the most competitive solution.

The project itself had various complexities, including international stakeholder involvement and structured pre-sale milestones. However, because of the strength of the project, the developer and the tier 1 contractor, Wates Construction, LEXI were able to secure funding at 69% LT-GDV.