Our Loan of the month for August is actually a first-time borrower of ours! From a brokerage we deal with regularly, their need for a loan was bifold. Owning a large development site in Hertfordshire, they required funds to pay off an outstanding lender and to complete the development of two barn conversions on site. The structure of the loan itself is something we complete on all the time, but it was our largest loan facility yet, providing a total of £2.25m. The big loans keep streaming in!
Our current lending remit is around the £1.5m mark but this borrower had an excellent portfolio of high quality development projects. Creating long-lasting relationships with first-time borrowers, especially of this calibre, is key to the success we’ve been seeing at Think. We want to grow with our borrowers and brokers alike, and we are really excited to be seeing the results of said relationships.
Loans of such size with several properties involved can make the legals process a little complicated. A portion of the site was recently sold but registration would’ve gone passed our borrowers deadline for repayment. We took a view and requested undertaking to ensure no delays or extra fees landed on our borrower’s lap.
This borrower is already doing great things with the site and other investment opportunities are in sight for us to fund on. A great completion for all involved!