
Tight Deadline For Structured Property Finance Acquisition In Essex From Specialist Lender
The Scenario
This was a situation that presented a very challenging deadline for even the most agile of specialist lenders.
The client had already exchanged contracts on the purchase of commercial / light industrial site for redevelopment. The client had directly approached three other lenders who had expressed interest in funding the acquisition (and payment of the VAT), but negotiations had become protracted and ultimately they had pulled out.
By the time the proposal was taken to the structured property finance team of the fourth lender it was already the second week of December, with completion set for 7th January.
The Solution
Mindful of the upcoming Christmas break, the lender met directly with the client within 24 hours to investigate the strength of the client’s property portfolio.
They had recently completed a residential development of nine houses: three had been sold, the remaining six were under offer but unlikely to complete in time for the beginning of January deadline.
The lender proposed taking a charge over the six “under offer” houses, plus a comfort charge over the site being purchased. The lender was willing to proceed without a valuation or due diligence, and with title insurance on the six houses, in order to speed the process.
Valuations and due diligence proceeded over the Christmas period. The client managed to push back completion on the development site to the end of January, but meanwhile three of the six houses exchanged contracts and completed. The lenders revised their security package to the three remaining houses, plus the charge on the development site, plus charges on three further unencumbered development sites.
A complicated case in terms of the timescale, and the changes to the loan offer and securities, but the entrepreneurial approach of the lender allowed the deal to proceed.
Louis Levine
Finance Executive CeMAP
Bristol
0117 457 7862
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George Abouzolof
Finance Broker
Bristol
0117 403 3444
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I have extensive experience securing UK mortgages for expat clients. Book a free telephone consultation with me at a time to suit you
Bridging Team
Clifton Private Finance
Bristol
0117 959 5094
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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
Fergus Allen
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.
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Jacob Phipps
Finance Broker
Bristol
(+44) 0117 959 5094
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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
Jack Spillane
Finance Broker
Bristol
0117 959 5094
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.
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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.
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Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
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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.
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
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.
Book ConsultationAdam Arnott
Associate Director
Bristol
0117 205 0214