£4.25m loan for part-completed development
Chordis Capital was approached via Finance 4 Business by a developer who has agreed to purchase a part-completed development for £7.5m. They needed to complete but their main development funding has been delayed due to lease negotiations, finalisation being extended with their end tenant for the property.
Within 24 hours, the case was fully reviewed and a video call set up between Finance 4 Business, Chordis Capital and our funding partner to discuss the facility and allow fully credit back heads of terms to be issued to the client.
A Gross Loan of £4.25m to match their agreed day one development funding facility was provided. A 9-month term was agreed to give them comfort with only requirement being a letter of intent from their end tenant.