Loan Of The Month – Dec 21

A completion that’s got the whole team excited!

We initially got this enquiry back in February of this year, whereby the borrower required £550k to repay a prior lender and a further £370k to complete the build of 5 high-spec apartments. They’d already finished 8 apartments, and in such a prime location on Morecambe seafront, we couldn’t help ourselves.

However, as the loan progressed there were restrictions placed on the title by another party that risked our borrower getting the funding he required. It was the first time we dealt with a matter such as this, and fast forward to October our borrower was still dealing with the restriction and trying to get the party to comply.

We didn’t give up hope though… and how lucky we didn’t! This has been a long and tricky case on more occasions than one, but we’re so happy we stuck with our borrower and were able to help get this all behind him and look to the future!