The client was looking to refinance their existing development finance which was used to purchase land and complete the construction of 3 high quality executive homes. The properties were situated in a very desirable location in Warwickshire.
Due to delays in obtaining planning consent, the existing borrowing needed to be refinanced and a development draw down facility implemented, all within a tight timescale of 3 weeks.
Finance 4 Business raised an initial £1.4m enabling the client to redeem their existing finance and make up a shortfall due to complexities on the build. A further £1.9m draw down facility was also implemented within the 3 week timescale. The new arrangement included no exit fees allowing the client to retain all the profits.
- Loan Amount: £3.3m
- LTV: 58.8%
- Term: 6 months