The SPV had in 2015 bought a development plot in Bristol using a bridging loan and set about gaining planning permission for a block of 38 apartments. The company then required development finance to pay off the bridging loan and fund the build. This client planned to sell the properties on completion. It needed to receive the funds as soon as possible as planning permission was granted.
The SPV was looking to borrow £830,000 to pay off the bridging loan and £3 million to build the development. The facility would be released in stages as the development progressed. The client was extremely rate driven to maximise profits.
Trinity Specialist Finance secured the full funding within six weeks.
- The developers had considerable experience with property
- It had been granted planning permission and met the lender's specific requirements
- It was using a specialist contractor which had carried out a project of that size and type before.
|Pay off bridging loan:||£800,000|
|Gross development value:||£7,500,000|
|Exit fee:||1.5% of facility amount|
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