Our client came to us wanting to refinance a manufacturing cum commercial property in East London, which included some capital raise to progress with the development of residential units in a popular regeneration area.
The development of the site is in the planning stage and is expected to be granted soon. Therefore, the loan had to be structured in a way the client would get some immediate funding for planning costs and later a development loan.
We recommended a bridging loan for immediate funding and once the planning is granted this would be exited by the development loan provider.
The lender was able to work to the timescales required, and communication between all parties was quick and efficient. We ensured that all the underwriting and legal procedures were followed swiftly, and the transaction was completed in 10 days.
The bridging finance product we recommended was the best solution for our client for three critical reasons:
They could raise a large sum of capital as quickly as needed.
They could repay the loan at any point within the term length without incurring additional penalties
The bridging lender we chose was comfortable with the whole proposal, confident that the planning will be granted and went up to 70% LTV at a competitive interest rate