Fast Bridging Loan For Complex Development Project

Fast Bridging Loan For Complex Development Project

Area
Gloucester
Capital Raised
£1M

The Scenario

Our clients came to us after their original lender’s facility for their investment property (a large detached manor house) was expiring, and they were potentially at risk of the property being repossessed.

  • When they’d originally purchased the property, it was being utilised as a commercial asset.
  • But our clients had obtained change of use to residential.
  • And secured planning permission for a self-build plot on the same title

With the project now attracting a potentially more favourable bridging rate thanks to an increased value and now being a residential asset, our clients were looking to refinance to raise capital and complete the interior renovations.

They needed a bridging loan of £1M for the internal refurbishments.

The problem?

  • Their existing lender wasn’t interested in extending their current finance or negotiating new terms.
  • They needed funds quickly (in a month’s time, which was high-pressure considering the requirements of a full valuation and quantity surveyor visit).
  • They also wanted a £300k drawdown facility for works in arrears – an additional demand of flexibility
  • They needed the new valuation to include the presence of land with planning permission on the same title (and most lenders wouldn’t accept this – they’d only value the existing bricks and mortar)
  • And while the asset type had changed to residential from commercial, there were still elements of commercial use inside the property (it currently didn’t have bedrooms)

As it stood, our clients were facing a time-sensitive and complex scenario that hinged on a number of things going their way.

The Solution

The biggest challenge was finding an appropriate lender - one who could facilitate all the needs of our clients.

We have a strong relationship with one lender we knew could be more flexible on their valuation terms, and they were willing to incorporate the self-build plot value and the land - not just the property itself – in their valuation.

  • And with our broker on hand to push the case through, they could organise this within the time scale they needed.
  • We secured the bridge loan of £1M with the drawdown facility of £300k they needed.
  • At an interest rate of 0.89% per month over a 12-month term.
  • With retained interest, meaning our clients paid the interest upfront and didn’t need to worry about ring-fencing cash to cover it – they could focus on funding their development.
  • And we managed to complete within the time frame – despite the complexity and initial problems with facilitating the bridge – we got it done in 37 calendar days.

The deal-breaker for this case? Our broker.

From his industry knowledge - approaching the right lenders that could potentially facilitate the quick turnaround, bespoke property use and awkward valuation terms – to his dedication to getting this case over the line, he went the extra mile and then some.

Always on other end of the phone, liaising with the surveyor, solicitor, valuer, lender, and client on a daily basis at points to ensure timely completion.

This type of deal simply wouldn’t get done without an expert broker behind it.

Max Mallinson

Finance Broker CeMAP

Cardiff

0117 332 5977

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.

Book a free telephone consultation with me at a time to suit you.

Book Consultation

Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

Do you need help sourcing your own business finance?

I have extensive experience securing finance for a wide range of businesses. Book a free telephone consultation with me at a time to suit you. 

Book Consultation

Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

Book Consultation

Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

Book Consultation

Carly Cheeseman

Head of International

Bristol

0117 457 9922

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

Book Consultation

Nick Kerley

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

Book Consultation

Specialist Car Finance

Broker Finance Team

Bristol

0203 900 4322

Do you need help sourcing car finance?

Speak to our finance team or book a team to speak that suits you. 

Book Consultation

Business Finance

Business Finance Broker Team

Bristol

0203 880 8890

Do you need help sourcing business finance?

We have extensive experience sourcing unsecured and secured finance for businesses. Book a free telephone consultation with our business loans broker team at a time to suit you.

Book Consultation

Mortgages & Short Term Finance

Mortgage Broker Team

Bristol

0117 959 5094

Do you need help sourcing a UK mortgage?

We have extensive experience securing 1st and 2nd charge mortgages. Book a free telephone consultation with our mortgage broker team at a time to suit you.

7 Reasons why you should use a specialist mortgage broker »

Book Consultation

Development Finance

Broker Team

Cardiff

0117 959 5094

Do you need help sourcing UK property finance?

We have extensive experience securing UK development finance. Book a free telephone consultation with our team at a time to suit you.

Book Consultation

Expat and Foreign National Mortgages

Broker Team

Bristol

+44 203 900 4322

Do you need help sourcing UK property finance?

We have extensive experience securing UK mortgages for clients based outside the UK. Book a free telephone consultation with our team at a time to suit you.

Book Consultation

Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

Are you looking for a similar type of property finance?

Get in touch today and find out how I can help.

Book Consultation

Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

Are you in need of a similar type of property finance?

Book a free telephone consultation with one of our bridging specialists today and see how we can help you.

Book Consultation

Sam Baker

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

Book Consultation

Fergus Allen

Senior Finance Broker

Cardiff

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.

Book a free telephone consultation with me at a time to suit you.

Book Consultation

Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

Book Consultation

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. customDatabaseField-8455

Mathew Phillips

Senior 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.

Book a free telephone consultation with me at a time to suit you.

Book Consultation

Alex Chambers

Senior Private Client Adviser

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.

Book a telephone consultation at a time that suits you.

Book Consultation

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. Book a free telephone consultation with me at a time to suit you.

 Book a free telephone consultation with me at a time to suit you, clifton private finance

Book Consultation

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar?

I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you.

View Profile »

Book Consultation

Contact Us