Bridging loan for Scottish wind turbine development
The Scenario
Our clients are a group of property entrepreneurs who were looking for specialist property finance to take their renewable energy project to the next stage.
The stakes are high in schemes such as these: the land they had bought in Lanarkshire was currently valued at £1.5M. They were looking for a £974K bridging loan to finance the designs, valuations and consultants necessary to put through their planning application to build two wind turbines, a data centre and eco park.
With planning permission granted, the uplift in value would be £14.5 - £16.5M.
After Stage 1, when the eco park is built, the estimated value of the land is £65M, and after Stage 2 when the turbines are in place the project value is in the area of £125M.
The Solution
Despite the scale of the development, this was an attractive proposition for a lender because there had been planning permission in place for the site, which had lapsed.
We secured the one-year bridging loan our clients were looking for at a market rate of 1% a month, with a 2% product fee, and 2% on exit. Their exit is in place: refinancing by specialist London lenders experienced in build projects of this kind.
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
Mathew Phillips
Finance Broker
Bristol
0117 959 5094
Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.
Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.
Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Adam Arnott
Associate Director
Bristol
0117 205 0214
Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.