Development Securities has completed a refinance.

It announced today the refinancing and has paid one of its loans off early.

It has prepaid a £34m secured term loan at a 8.3% fixed rate which wasn’t due to expire until 2018.

As part of the prepayment arrangement it has paid a £5.9m fee which will be eligible for tax deduction this year.

The property collateral released from the pay off has been charged to a medium term £38m floating rate loan with Bank of Scotland Corporate.

BoS Corporate is also providing a medium term £28m secured facility which DevSecs can draw down for the development of the properties involved in the refinance.