We were approached from a direct developer who sought a 12-month £1.5m facility to repay a prior lender and convert the ground floor commercial units into 4 mezzanine apartments within a block of flats.
Our borrower owned the freehold and leasehold for the entire block, and was very dilapidated when he first developed it. He then came to us to further develop the ground floor, but first required a £930k release to pay off the prior 1st charge lender. Despite the complexity of the security provided, having obtained a total of 43 leases and the freehold, its desirable location in North-West London and the significant experience of our borrower meant we were more than happy to finance.
This was our first time working with this specific borrower. At Think, our primary concern is our borrower’s needs, and we always work on their timeline and this allowed us to complete quickly and smoothly with little hiccups. Our borrower is already seeking some new development opportunities and we can’t wait to continue our relationship with him!