£1.2 million bridging loan secured to purchase development site
Case details
Our client asked for help to secure a £1.2 million bridging loan in order to complete on a development site in London.
He had already exchanged contracts and was under pressure to arrange finance in order to complete the purchase.
There was also the added difficulty that the property did not have planning permission to be converted into luxury flats.
Solution
Many of the bridging companies were not keen to lend against a property without planning permission, although we found a handful of providers willing to help.
As our client had a proven track record of gaining planning consent on properties in London and history of developing them, the lenders looked at the borrowing request more positively.
Property: Site in central London
Value: £2.2 million
Bridge: £1.3 million
Rate: 1% per month of the total facility until it is repaid
Lenders arrangement fee: £19,000
Term: 12 months
Loan-to-value: 60%
Early repayment charge: None
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
If you would like help to secure a bridging loan, call Trinity on 020 7016 0790.
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