London Belgravia Specialist Finance Secures 100% Exit Finance for Professional Developer

Posted by London Belgravia Specialist Finance on 23rd December 2020 -

London Belgravia Specialist Finance helped a leading professional developer source 100% Finance for their upcoming project despite an incredibly complicated set of circumstances.

Managing Director, James Mole commented “It’s always a great feeling helping a client secure funding, but the tricky cases are always that little bit more satisfying. This is only possible when both the lender and broker look at a situation with an open mind, which is exactly what was needed to get this deal over the line.”

Challenge:

We were challenged by an existing client to refinance some expensive debt on a part-complete wind a watertight property he was building. The client also wanted some extra funds to finish the site so he could utilise his cash on another site. An added complication was that the existing debt was made up of 2 loans, the 1st charge a bank and the 2nd charge a private investor. To take both existing charges out of the equation we had to raise £600,000 against a site that was also worth £600,000. This meant the client was effectively requesting 100% finance.

 

Solution:

We were able to secure a third-party charge over a separate investment property the client owned. This kept the loan-to-value at an acceptable level to get the new lender comfortable. This resulted in the client being able to finish the project with no further delays and saving a lot of interest. We also managed to secure this level of funding at under 8% a year and the deal was conclude in 4 weeks, which pleased both our client and the lender.

About London Belgravia Specialist Finance

If you are expanding or diversifying your property portfolio, be it with the acquisition of residential property, offices, warehouse space, a hotel or even a shopping complex, you will be wise to consider how to best structure the financing aspect of the transaction. Our established relationships with the leading providers of commercial lending ensure you always benefit from the most flexible terms with competitive pricing.

To speak with one of our advisors, call us on 020 3928 8886