What was the situation?
We were approached by an existing developer client who had planning permission on a permitted development opportunity. The developer was looking to secure development finance in order to convert a commercial property into 22 flats with a large commercial unit on the ground floor of the building.
What was the issue?
Our client had previously secured a facility with a development finance lender but had unfortunately run into difficulties in the wake of the pandemic. Due to the COVID-19 outbreak, the lender had decided to pause all funding just as the conversion was about to begin, leaving my client with a significant financing issue.
What was the process?
LDN Finance’s large network of lenders means we can assist with even the most complex of cases. Particularly when it comes to development finance, we understand that unexpected issues can happen even before the development starts and the key thing is to find a quick and effective solution.
As such, we took the time to fully understand the developer’s circumstances and contacted our trusted panel of specialist development lenders with a detailed proposal of our client’s situation to secure replacement funds at short notice.
What was the solution?
At LDN Finance, our experience and knowledge of the complex development finance sector allows us to put together a funding solution that gets your project over the line on the best possible terms, and in a timely manner.
Working closely with the lender, we were quickly able to secure a development facility in line with the client’s requirements, enabling the developer to start the commercial property conversion in line with his original schedule. Not only was the developer extremely happy to have solved his funding issue in such a short space of time, but he could also rest assured that we had also secured a solution to repay the facility once the project was completed.
Lending solutions with LDN Finance
Are you looking to secure development finance for a new or existing project? At LDN Finance, our expert brokers have a wealth of experience in securing development finance, working closely with our trusted network of private banks and specialist lenders to arrange bespoke funding solutions to suit your circumstances at competitive, market-leading rates. Get in touch with us today to organise an initial consultation.