100% finance to acquire and start to develop the new site
Interest rate – 0.9% per month
Arrangement fee – 2%
Exit fee – 0.9% of facility
12 month term
Our client is an experienced project manager who had recently took on their first development scheme in recent years, funded by cash. That scheme was part complete and the client wanted to use the value in it to raise 100% finance to purchase a new scheme – and also start work on that new scheme.
We needed a lender who could provide a flexible approach, due to:
Therefore, the lender had no certainty that either scheme would be completed based on the funding they were providing.
The lender went out to meet the clients, look at both sites and took a commercial view on the loan structure/risk, resulting in the above Development Finance facility being offered, accepted and drawn down within one month of the visit.