Another big loan for Think!
We were approached by a broker that we deal with regularly, who had a client seeking a 15-month £1.2m loan facility. The project was for two large 4-bed detached homes in Kent, with our borrower owning the land unencumbered having already invested £400k to start the works.
He required £400k on day 1 to replenish funds, and a further £800k to complete the development. This is a loan structure we do everyday, however there were obvious title issues from the outset that would usually halt if not kill a loan of this size.
This was our first time working with this borrower; but we understood the need for this facility. So, along with our amazing legal team and many calls later… we managed to resolve the title issues effectively and complete for our borrower!
We work off of our borrowers’ needs, so where extra due diligence is required in cases such as these, we always try to keep communication strong between all parties involved, ensuring a smooth process as possible during otherwise complicated bumps.
With works having already started, we cannot wait to see what our borrower does and look forward to the opportunity of working with him in the future!