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BDM Case Update – John Waddicker

John’s expertise lies in Property Development Finance and Bridging Finance. Here are some case highlights from April 2019:
100% “JV” Development Facility with no profit share. Our Developer client had agreed a deal with a land owner where the payment for the land would be deferred until after the lender was redeemed. The lender was happy to cover 100% of all costs amounting to £1.4m to complete the scheme, and without a profit share. The developer only had to cover the necessary professional reports.
2% arrangement fee, interest at 1% per month, 1% exit fee.
Development Rescue deal. Undeterred by having had 2 lenders do a u-turn on him, a new client approached us following a recommendation by his solicitor. He had lost considerable time after his own efforts where fruitless, so time was up against us. Within 48 hours we produced credit backed terms for a £950k facility. With an existing valuation to be re-addressed, and the incoming lenders in-house QS being happy with the costings, completion was achieved within 3 weeks. 2% arrangement fee, interest at 0.99% per month, no exit fee.
Developer Exit. Client needed to refinance his existing development facility, but at high leverage and secured against some “executive” apartments. An 80% LTV gross facility on a 6 months term was arranged, with an option to extend or re-structure thereafter, dependent on sales activity at that point. Interest at 0.9% pcm.
Refurbishment Facility of £2.4m to convert a 1 bed flat to a 2 bed flat in Central London.  70% Loan to Value net on Day 1, then 100% of build costs at an Interest Rate of 0.72% per month, with interest roll-up. 1% Arrangement Fee, No exit fee. A tight 3 week completion deadline was adhered to.
Commercial Bridging Loan. We achieved 70% Loan to Value on a tenanted office building, which amounted to 73% of the purchase price. Our client intends to apply for planning consent to convert to residential to coincide with the end of the current tenants lease. Interest Rate at 0.99% per month, 2% Arrangement Fee
Given the vast range of options in the marketplace, it pays to use an experienced broker who can fast-track an applicant through the process and negotiate the very best terms.
 
Feel free to contact John now with your finance requirements.

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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.