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The borrower owned 2 adjoining properties – a semi-detached house and an ex-community hall – which they wanted to borrow against. They wanted a bridging loan to enable a refurbishment of the house, whilst the borrower applied for planning permission on the hall for a future development loan
We provided all the funding upfront to enable the borrower to crack on with the development without delay. Given their strong development experience with units like this, we were happy to lend 50% against the ex-community hall, and they have now moved on to developing that property as well.
