£1.46m Development Exit Bridging Loan for High Value Cornwall Property
What was the situation?
An experienced developer approached our Co-CEO, Chris Oatway, looking for a smart refinancing solution. The property, a high end residential home in Cornwall valued at £1,950,000, was complete and already on the market with qualified buyers.
The client’s objective was to refinance an existing £1.2m development facility onto a competitive development exit bridging loan. They wanted to raise capital, strengthen liquidity and secure the time and flexibility to sell at the best possible price.
What was the issue?
This was not a straightforward case. The existing lender had already advanced additional funds, meaning some may have treated the refinance as a rebridge and potentially declined.
The high value of the single unit also narrowed lender appetite, as many are cautious about higher leverage and prefer a 180 day valuation over full market value.
What was the process?
Chris produced a detailed lender pack setting out the valuation history, recent comparables, the developer’s track record and a clear exit strategy.
Leveraging his strong lender relationships, he went directly to lenders with proven appetite for high value single unit cases. This targeted approach ensured the client accessed the best possible terms without delay.
In just two hours, Chris had secured three competitive term sheets, including one with a newly reduced rate that propelled the deal into a truly market leading position.
What was the solution?
Chris arranged a £1.46m development exit bridging loan at 75% LTV with a headline rate of 0.77% per month. Having worked with the chosen lender on numerous occasions, he was confident in their ability to deliver smoothly and at speed.
The deal completed within three weeks of application, providing a full twelve month term for the property to achieve its sales potential without pressure to discount.
The refinance raised significant capital, strengthened the client’s liquidity position and gave them the time and flexibility needed to achieve the highest possible sale price in today’s more considered market conditions.
Need help securing bridging finance? Our experts are on hand to assist. Call 020 3903 9875 to speak to an adviser, or use our online contact form.
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