70% LTV (net)
Interest Rate 0.8% pcm PAID BY CBILS
1.5% Arrangement Fee PAID BY CBILS
No Exit Fees
Legal Fees and Valuation Fee REFUNDED BY CBILS
Our experienced property developer client had finished his scheme of 18 houses in Kent at the end of last year. The existing development finance lender was very patient and had extended the initial facility by a further 6 months to allow time for sales, following a delay to the project which was ultimately caused by lockdown.
After hearing about a CBILS Developer Exit, the client approached us to assist. Whilst demand for the houses was promising, a number of buyer chains had collapsed and buyer circumstances generally fluctuated, ultimately meaning the sales process was impacted on. 4 sales had completed, but the net proceeds fell some way short of redeeming the existing debt.
We identified the most appropriate CBILS funder for the scheme and put in place a facility which fully redeemed the current Development Finance facility. The CBILS facility meant the client now has an INTEREST FREE period of 12 months, and the ARRANGEMENT FEE, VALUATION FEE and LEGAL FEES were all covered by CBILS.
This provided a saving of circa £365,000 in total finance costs for the next 12 months.
Needless to say, our client is delighted.