Bridging Loan for Part Completed Flat Development Project.

The Requirement:

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.