70% Loan To Gross Development Value
Interest Rate 1.2% per month, with interest retained
3% Arrangement Fee
1.2% exit fee (based on the facility amount)
12 months term.
An experienced landlord with properties throughout the NorthWest came across a gem of a property in Oldham. The property was in need of a full renovation. The property had been for sale via probate and had been on the market a while. Our client put in a low offer, which was accepted, providing they could complete within one week!
Our client contacted us immediately, having had previous experience Positive Commercial Finance being able to perform.
Completion in one week is not an issue – it’s something we have done time and time again – but this time there was a snag! All our client’s money was currently tied up in property!
The story ends well. Positive Commercial Finance arranged a Refurbishment Finance Bridging Loan for 100% of the purchase price. This was structured using the additional security of a commercial retail property which the client owned, unencumbered. Funds were also available for the refurbishment costs and the loan was completed within 5 days. Job done, and another happy client!