Description of Loan:

An experienced developer who was seeking funds to refinance a loan on a disused nursing home from an existing lender with further funds required for the conversion of the nursing home into 7 residential flats.

The Solution:

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

Initial Loan for Purchase:

£217,000.00

Gross Loan Amount:

£352,000.00

Purchase LTV:

62%

GDLTV:

48.55%

Loan Term:

9 months (minimum 6 months)

Interest rate:

1.5%

The Outcome:

A very quick turnaround was achieved, which provided the developer with the necessary funds within a tight time scale, allowing them to refinance and progress with their development plans.