Thanks Steven for the excellent support and for being proactive through the process - has been a pleasure
Customer Type:
Professional Landlord
Category:
Development Exit Finance To A Commercial Term Loan
Status:
Completed
Tags:
Development Exit Finance, Commercial Term Loan
Gross Development Value (GDV)
1.5m
Loan To Value (LTV)
50%
Term
12 Months (1 Year)
About the project
Development Exit Finance Exeter
A developer exit finance product to finance away from a commercial facility as the loan was being called in. This was a mixed used development with commercial and HMO’s above.
What we did
We refinanced the client from a principle lender that had 30 days to exit the loan onto an exit product. This gave them 12 months to source a commercial term loan. The loan to value (LTV) was extremely modest and we felt this was a good out for the borrower.
Results
We gave the property investor / landlord a solid deal so they could draw down on time at competitive rates.
We generated the funds required to pay the principle lender and gave them time to obtain terms for a long term commercial loan should they need it. The product was a tracker over base but had a large exit fee. Thus, the total to pay was similar to refinancing with a bridging loan and then a term loan with flexibility. This type of funding is a tough market as of Nov-23.
Are you looking for a similar type of property finance?
As a specialist bridging loan adviser at Madison Carter Finance, I can take a 360 view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.