Helping to bring a dream property project back to life.
Here’s how we helped one of our clients make their dream a reality.
Our client had purchased a stunning 20-acre site in a highly sought-after area in the North of England. The site was unique, offering breath-taking panoramic views over a valley and river. It had planning permission for a substantial property – a luxurious three-story home with expansive views and additionally, planning for a second large detached dwelling within the grounds. The property also featured four commercial workshops and garages for eight cars, giving the entire estate an impressive edge.
The client initially borrowed £3 million to commence the project, aiming to complete the development with a target value of £6.5 million.
However, due to delays, they found themselves in a difficult situation and after 12 months with the project incomplete and unsold the original lender requested the repayment of their loan.
There was a need for a rapid solution and we were able to help. Within 10 days of our first conversation, we raised £3.6 million and this allowed the client to clear the existing loan and provided the funds needed to finish the project.
The terms of the loan were straightforward: a 6-month period with interest accrued monthly, an arrangement fee and importantly, no exit fees. By using the existing valuations from the previous lender, we helped keep the overall costs down.
Thanks to this quick funding solution, our client was able to complete the project without delay and position the property for sale in its best light.
The benefits of bridging
The example shows how Bridging can save a situation when time and monies are tight.
Whether facing pressure from an existing lender, dealing with delays or simply needing to act quickly, a bridging loan can help bridge the gap, providing the time and resources needed to complete a project or purchase.
If you feel that a bridging loan might work for you please get in touch. Our solutions may help to make sure that an opportunity is not lost.