Development Finance for High-End PropertiesSeptember 24, 2023
Commercial Mortgage and Short-Term Bridging Finance
Short Term Finance Required To Satisfy Commercial Mortgage Criteria
Loan Value: £350,000
Location: Isle of Wight
An existing and experienced client contacted us for financial support as they were looking to purchase land on the Isle of Wight, so they could build 27 luxury holiday lodges.
The Interesting Stuff:
Initially the client asked for a Commercial Mortgage, however there were delays in both the deliveries of the holiday lodges and other factors surrounding the project. The timeline had to slow down and this resulted in the overall group financials not where they needed to be to satisfy the Commercial Mortgage.
After reviewing the situation and working closely with the client, the decision was made to re-bridge, with a new lender that would allow time for the remaining holiday lodges to arrive and be fitted on site. This also allowed for additional time to complete all the remaining work on site and enable income from the holiday lodges to start to come in and meet the Commercial Mortgage lenders criteria.
How we helped:
Not many lenders have the appetite for funding holiday lodges, so knowing who to apply to for in regard to this scenario was key to delivering for our client. Not only did we help with the initial Commercial Mortgage, we then reviewed options and provided the best solution to help our clients project succeed.
Our help in action …
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