One of our long-time borrowers was about to undertake his biggest project yet, and so who to turn to but Think! They required a £1.34m facility for the freehold purchase and development of a mixed-commercial building in Margate. There was already planning in place for the conversion and extension of the upstairs floors into 10 self-contained apartments, keeping the ground floor as a retail unit.
It seems Think has an appetite for the big loans lately; this went over our lending remit, providing 75% of the purchase and 100% of the development costs.
During Covid, we scaled back on the number of commercial and mixed-commercial loans we provide, ensuring that our investors overall risk is reduced. However, as things return to normal and we are back to lending fully, our books are officially open for your commercial loan enquiries!
We work with this specific borrower on a regular basis, and he has an excellent track record of completing his developments to a high standard – so we were happy to provide the full finance sought. Working with our borrowers and continuing to solidify our relationships with them enables us to provide further flexibility on our loan offerings. Don’t fret though, we are lending with more first-time borrowers and developers alike than we ever have before. In a time where the demand for development and bridging finance is at unforeseen levels, we want to ensure that our borrowers needs are always our priority and that we maintain a pragmatic approach to lending.
Questions for our lending team? They can be reached by clicking the Apply Now button.