Looking to acquire a development opportunity in Westminster, London. The property had planning permission to convert into nine high end apartments. However, Trinity Specialist Finance had to advise the client that finance would not be available until a full development appraisal had been carried out.
As the client needed to complete on the property quickly, Trinity proposed a 'holding bridge' to enable them to acquire the property. This gave time to carry out the required full development appraisal and achieve the required planning consents.
Trinity Specialist Finance secured terms at 80% of the £39 million purchase price.
- 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.
|Rate:||0.9% per month|
|Term:||9 month term|
|Facility fee:||2% deducted from the advance|
|Exit fee:||No early settlement charges beyond three months|
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