London Semi Commercial Project Provided With £1.9m Refurbishment Bridging Loan
Our client, a London based property development company, sought funds to refinance a semi-commercial property with planning to convert old office space into 7 further apartments.
The first obstacle was accommodating a director’s exit by integrating the Director’s Loan into the funds we were making available. We worked quickly to adapt the deal and provide for this, much to the client’s satisfaction.
The second obstacle was the purchase of the client’s development company and portfolio by a business associate who had known and worked with the client for years. This required a quick turnaround for processing a new application, conducting due diligence, and ensuring that the deal was still workable under these new conditions. Our team pulled out all the stops to adapt the facility and keep the client’s development endeavours on schedule.
Total Loan Required: £1.9m. – consisting of an initial requirement of £1m followed by £0.9 development costs to complete the project.
Term: 18 Months.
Refinancing the original loan and providing for the Director’s Loan, we were able to complete on time and are happy to report that our client is currently set up to drawdown the development portion of the facility for their project.