Interest Rate 0.95% per month
2% Arrangement Fee
No Exit Fees
Our clients owned a commercial property in the Midlands which was previously an operational business park. Today, there are no tenants on site, and the buildings remain suitable for storage purposes only.
A detailed planning application has been submitted for residential development, but the intention was to amend that application slightly, given a more suitable scheme had since been proposed.
The Bridging Finance loan was used to redeem an existing debt and allow enough time for the planning application to reach a conclusion. On grant of planning, the site would either be sold, or developed out by the current owner.
The ownership structure was slightly unusual, and as such we were tasked with finding a lender who not only was comfortable with the “holding” bridge position, but was also understanding of the ownership vehicle structure. On receipt of the valuation report, legals were then concluded swiftly.