65% Loan to Value
£4,400,000 loan size
Interest Rate 0.9% per month
2% Arrangement Fee
1% exit fee
12 months term
Several years ago, our client gained planning consent for a very adventurous “Trophy” home on the South Coast. Not too long after works started, the borrower’s own development finance lender started to withdraw from the market. This withdrawal meant the client endured a very long and arduous process, which ultimately meant he had to refinance the part-complete development.
The property was very well known in the area and attracted media coverage given it was a significant talking point. Given the nature of the property, there certainly weren’t any “comparables” for a valuer to reflect on, and as such the value was open to a large amount of speculation.
Some years later, the Receiver appointed by the incumbent development lender declared that they had now got to a position where they were willing to conclude matters. Even then, matters were dragged out to a painful extent, however we finally got to the point where the refinance could happen.
We approached a funder who we knew had the capabilities and experience to take on such a project, and an offer was provided which satisfied the Receiver and also provided the funds to fully complete the project.
The client can now re-start the works and finish what will undoubtedly be a hugely admired property.
Contact John Waddicker