Loan of the Month – Jan 22

Demanding completions require flexible lenders… We had worked with this borrower before on several loans, who was introduced to us by a long-time broker and friend of Think. They initially required funds to purchase a plot of land with the benefit of planning for a 4-bedroom detached property. They are well known within Bristol and the quality of their projects are second to none. However, it wasn’t as straightforward as it first appeared…

Initially lending to one entity, the borrowers actually changed days before completion, to individuals not yet known to us. This meant all new due diligence, underwriting and loan documents were to be formulated and signed with days to spare. But, as a lender that puts their clients first with an expert panel of solicitors, we were happy to take on the challenge and how lucky we did! The new borrowers are equally as busy and actually own their own construction firm. The finishes of their work is beautiful and at 57% LTV, we were more than happy to lend.

If it wasn’t already a little complicated, there were several access and planning issues that posed a risk to the loan even completing. Flexibility is key within bridging finance if you want to get deals over the line and projects started, and that’s exactly what we managed to. This deal changed hands and structures more than we count so getting it over the line did feel that extra sweet for everyone involved.

Hopefully the first of many with these borrowers (and no last minute changes!)