We dealt with Steven and he was very helpful, personable and explained in layman’s terms when needed. He was full of good advice. We got a great deal with his assistance. Thank you!
Customer Type:
Property Developer & Professional Landlord
Category:
Development Exit Finance For Extended Sales & Marketing Period
Status:
Completed
Tags:
Gross Development Value (GDV)
1.6m
Loan To Value (LTV)
75%
Term
12 Months (1 Year)
About the project
Development Exit Finance Finsbury Park
An existing client contacted us, that had a development facility coming to an end and had gone over budget. For a standard LTV development exit finance product, it did not fit as loan to value was at 75%.
What we did
We refinanced the client from a principle lender (within the 30 days) to exit the loan onto a developer exit product. This gave them 12 months to sell the property and come out of his development finance product. As the landlord had a large portfolio in the background we were able to cross collateralisation a loan over multiple properties to put the loan to value in line with the lenders criteria.
Results
This gave the borrower a solution where he had an additional 12 months to sell the property, roll up the interest and not default on the development finance facility. He did have a sale in hand but required the time as the lender wanted the capital back.
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.