Quick Response To £9 Million Structured Property Finance Deadline

Area
South East
Capital Raised
£6.9M

The Scenario

An experienced developer was looking to buy a substantial site in suburban south-east England: a vacant office building, plus car park and two smaller buildings. Their plans included converting the larger building into more than 100 residential apartments.

They needed to raise the sale price plus the VAT that would be payable upon completion of purchase.

A change of use application, under Permitted Development Rights, had already been submitted for the largest building, and the developer was confident consent would be granted, but it PD ratification would not come through until after the exchange of contracts.  

The purchase completion date was set, but with two weeks to go the developer’s agreed lender pulled out, leaving less than a fortnight to get alternate finance in place.

The Solution

A specialist lender was approached who have a dedicated structured property finance team. With an eye to speed, they proposed a structured facility with the additional security of completed residential units owned by a third party in the developer’s group.

The clients were happy to proceed on that basis, and funding was approved by the completion date. After a meeting with the site’s beneficial owner, valuations, due diligence and overseas legal opinions, the drawdown facility was available one week later to complete the purchase.

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.

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