Description of Loan:

Experienced developer seeking funds quickly to refinance existing funding used to purchase the property. With additional funds to convert the former nursing home into 7 residential flats.

The Solution:

Funding was sourced to allow the developer to repay their existing funding and progress with the redevelopment of the property.

Initial Loan for Purchase:

£217,000

Gross Loan Amount:

£352,000

Purchase LTV:

62%

GDLTV:

47%

Loan Term:

9 months (minimum 6 months)

Interest Rate:

1.5%

The Outcome:

A very quick turnaround was achieved, providing the required fund within the developers tight time scale. Allowing them to refinance and progress with their development plans.