Project Description

  • SOUTH EAST
  • 392,000

  • 6 months

CHALLENGE

  • Corporate borrowers had purchased with a bridging loan a former school property and submitted a planning application for a change of use to residential
  • A number of objections had been lodged delaying any decisions being reached
  • They needed to quickly refinance as the current facility, nearing redemption with a London bridging finance lender had to be repaid as they would not permit extensions

APPROACH

  • We worked with the borrowers to ensure a quick solution, and progressed refinance with a first charge short-term bridging loan over the property
  • The borrowers were confident the objections were dealt with and planning would soon be granted, also sale terms for the property were agreed if secured
  • They had an understanding of finance and property as well building and were experienced developers for large multinationals and their own recent ventures

RESULT

  • They accepted terms for the facility and we mutually agreed key milestones, including planning approval and the sale of the property
  • It transpired that the planning consent for residential use was accepted, the agreed sale did not progress so the borrowers