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Development Finance to Takeover Part-started Development
Development Finance Needed to Takeover Development Opportunity.
Loan Value: £9,197,500
Location: Notting Hill, London
A client was looking for development finance so they could take over an already started development opportunity in London.
The Interesting Stuff:
A lucrative opportunity was presented to our client that they did not want to miss out on.
The development had started on two exclusive high-end residential properties in the sort after location of Notting Hill, London. When the client was approached, the area had already been dug out down to three levels below ground level.
The two properties when complete were estimated to be worth £16,000,000 together. The remaining work was estimated to be £5,000,000 and to purchase the plot it was £4,750,000.
This was an urgent opportunity for the client, it was a very popular location with a lot of opportunity. We worked with the client and a chosen lender to secure the funding needed, this also meant working on a Saturday to agree to the terms.
The loan was formerly approved 7 days later and officially completed 7 weeks later.
How we helped:
With our excellent relationship already established with the client, we knew all about their existing portfolio and credit profile. In additional to our excellent relationship with the lender, we were able to secure the funding in the time required.
Our help in action …
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