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Our borrower required a loan to fund the development a purpose-built accommodation block for 80 students.
Sounds simple enough? Well, as is a common strategy, the developer was undertaking the work post-exchange but pre-completion, meaning we didn’t have an asset to take a charge over. Thankfully, the borrower also owned another commercial unit on the same street. We took this unencumbered property as security to allow the development to go ahead with our funding.
