Refinance of a development
Our client was part way through a £3 million development when their high street bank started to move slowly, causing delays with the project. They needed an alternative source of finance and fast. Getting a funder to support a scheme that has already started is very difficult and required careful presentation.
Our client is a property developer with significant development experience. They couldn't afford for this project to slow down as it would have an impact on impending projects. Often developments aren't straight forward and banks tend to take an inflexible approach when things aren't on plan. We needed to find our client a solution so they could take out the high street lender and continue with the development at pace.
We sourced a specialist development finance provider that increased the loan size allowing equity release and immediate funds to continue and complete the project.
The marginal increase on interest rate from the specialist provider was offset by completing the project on time and repaying the loan sooner from the sale.
Our client was then able to move on with a larger scale, iconic development.
Towngate, Market Deeping