Our big loan of the month! At £1.55m, it was the first time we’ve worked with these guys – all four of them! This is their largest project to date, and we’re so happy to help build their property portfolio.
Our loan is actually twofold, as they require funds to repay the outstanding lender on a semi-commercial property they had converted into 3 flats as well as develop the land to the rear into 5 flats. This was an urgent matter and while we were more than happy to provide development finance, planning was still awaited and we had to complete without it. We typically only lend on land-with-planning, but with planning permission expected back soon after completion and the 3 new flats completed and marketed, it was too good an opportunity to miss, completing at just over 70% LTV.
A quick completion and four borrowers is no easy feat, and so we had to ensure legal completion wouldn’t be delayed. In cases like these, being a flexible and proactive lender is essential to get the right loan structure and complete in time – always on the borrower’s timeline. We interject ourselves in every step of a loan, from enquiry to redemption, to ensure the process remains seamless and comfortable for all parties involved. Being a flexible and approachable lender is what enables us to structure a loan to our borrower’s liking – there is always a deal to be done! If the completed flats are a testament to the potential of these borrowers, we’d watch this space…
We’re now able to offer funding of upwards of £2m, so if you have any projects on your mind get in touch with the team today on +44 20 3773 5169.
