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Bridging Loan to cover Cost of Works on a “Heavy Refurb”.

Deal Structure

53% Loan to Value

Interest at 0.65% per month

2% Arrangement Fee

No Exit fees

12 months term

Deal Summary

An experienced developer client had purchased a house in Manchester which had planning permission for an extension, converting the current tired 3 bed semi-detached property into a modern 5 bed dwelling.

The client wanted to borrow the monies to cover the cost of works, but he preferred to borrow the money in one lump sum, to avoid the need for any on-going monitoring and draw-down requests.

Most Bridging lenders wouldn’t/ couldn’t accommodate this (one lump sum) due to the extent of works to be carried out, and most Development Finance lenders insist on funds being drawn in arrears of works being carried out. We managed to find a lender who was more than comfortable with the request, given the low loan to value and the experience of the borrowers.

The client was happy with the rate of 0.65% per month, with interest retained for the term.

John Waddicker

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John Waddicker

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Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address Warth Business Centre, Warth Road, Bury BL9 9TB. Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACBF and FIBA. ICO registration reference Z1196910.