What was the situation?
I was approached by a developer client of mine, who had an existing finance facility on a property in Surrey. Their existing funding was coming to an end, and they were looking for almost £600,000 to renovate the property that was in need of modernisation.
What was the issue?
Complexities in this case arose when the client’s planning application was delayed. With their existing facility expiring, the client was keen to secure cheaper terms whilst waiting for the planning application to sanction.
What was the process?
After many years in the industry, I’ve built up my own extensive network of lenders that I’m proud to have very good relationships with. By using these relationships, I knew who to approach and as a result, managed to reduce my client’s current rate and give them time to secure planning.
What was the solution?
As time-pressure was a key factor in this case, I needed to find a solution that would give my client breathing space to secure new funding, whilst waiting for planning to be granted.
To do this, a bridging loan was the most suitable solution for my client’s circumstance. A facility was agreed at 70% LTV, at around 0.9% per month over 12 months. This was less than my client was paying on their expiring facility – needless to say they were delighted!
Lending solutions with LDN Finance
Do you have an existing property finance facility that’s coming to an end? Perhaps a bridging loan is the answer for you.
At LDN Finance, our specialist team has extensive experience in securing short-term finance solutions suited to your circumstances – no matter the complexity. Working closely with our trusted network of private banks and specialist lenders, we’re sure to secure a bespoke arrangement for your project at competitive, market-leading rates.
Get in touch with us to organise an initial consultation.