Bridging Finance for Luxury £17.5 Million Development
The Project: An experienced developer had built a substantial, ultra-modern development in the South of England. Having started the project in 2013, it was ready to sell in early 2018.
The Challenge: Despite a huge amount of interest, mainly from foreign investors, the turbulent political situation here in the UK had left the newly built property unsold.
The existing high street lender wanted the original development finance loan repaid and the client was reluctant to sell the property undervalue. So, the only option was to find a source of exit finance from another lender.
Having approached a number of lenders the client was unable to find a satisfactory deal, as they all required further costs and securities or could not meet all the requirements.
The Resolution: The client’s accountant was directed to our commercial team, here at Mortgages for Business, by an estate agent they were working with. Using our industry experience and knowledge, we worked to source lenders who would lend on a single ‘trophy’ asset that was also a new build.
In the end, we were able to obtain offers which fitted all the requirements from more than one lender. Once a lender was chosen, we worked closely with the senior underwriter to make sure things moved swiftly, much to the delight of the client and his team. Here are the details: