Finance of a part-completed development
A fellow commercial finance broker contacted us when they had exhausted all options on their lending panel for the development of a large block of apartments in Liverpool.
The client was an experienced contractor with a strong development team but, had limited available funds for the purchase and required high Loan to Cost and Loan to Value day one.
The development location had a high concentration of lenders already developing in the area, therefore lender interest was limited. The development was part completed which required additional due diligence upfront and again, affected lender interest.
We introduced the case to a flexible development finance company that supported the case at 96% LTC. The lender agreed to forward fund the development, so the client avoided any further cash injection. We worked alongside the broker, enabling them to continue the relationship with their client.
The client pressed ahead with the development without delay or cash flow concerns.