Development exit finance agreed before practical completion
The Scenario
Our client had two plots on a development site in rural Kent for luxury executive homes, with a total GDV of £2.9M.
When he came to us for refinance he had a month left on his 12-month development finance terms. He was two weeks away from practical completion on the first plot and two months away from practical completion on the second.
The Solution
Most development exit lenders aren’t willing to consider refinance on projects that aren’t at practical completion stage.
We took his case to a lender who has the capacity to waive standard criteria and offer bespoke lending packages, and formulated a solution which allowed for further staged drawdown, maximising borrowing at each stage.
Terms were offered within two weeks, with the formal offer available two weeks later, and the new exit finance extends our client's borrowing for a further nine months.
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.