Bridging Loan and Refinancing for Development ProjectOctober 15, 2023
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Bridging Loan for Part Completed Flat Development Project
Bridging Loan for Part Completed Flat Development Project.
Loan Value: £530,000
A client required a Bridging Loan to assist in the completion of a part developed flat complex, including building an extension for additional flats.
The Interesting Stuff:
A client was working on an unencumbered development project and was looking for refinancing. The project consisted of a conversion of 6 flats as well as a new extension for an additional 4 new flats.
The client needed a fast turnaround with the shortest repayment window, at the best rates, to release £500,000 net to complete their scheme.
We assisted in securing them a nine month bridge loan, with an ‘all-in’ cost of under 9%, together with a pre-agreed exit investment loan if needed.
How we helped:
Many lenders won’t lend on a part-completed development scheme, but with our expert inhouse knowledge, we had the funding approved in 24 hours and we had multiple lenders fighting for the opportunity to finance.
Our help in action …
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