Case Study – Development
Client’s requirements: –
The client was a loyal customer (of 32 years) with a High Street bank. He was let down on the 11th hour by his bank in relation to the auction purchase of a site for development in North West London. One of our very highly experienced brokers received a call just as notice to complete was served, giving the borrower just 10 days to complete the transaction or lose his 10% deposit.
Complete Mortgages’ solution: –
We approached a bridging lender that we work with on a regular basis. They understood the urgency of the situation and issued terms within 24 hours. In addition to the site the client was purchasing, they used a nursing home that he owned under a trust as collateral. Nursing homes are not usally used as security for bridging loans however, due to the excellent relationship and understanding that we have with the lender, they agreed to this on a policy exception basis.
We ensured that the surveys were done within the tight timescale and liaised with both the lender’s and client’s legal teams to bring matters to a swift conclusion.
A long term solution is in place for the project, once the site development has been completed.
Finance agreed: –
- Loan of £1,000,000
- 6 month term
- Lender’s arrangement fee of 1.25%
- Rate of 1.25% per month
- No early repayment charges