BloomSmith Works With Together to Enable 60 Acre Glasgow Land Purchase
Published by BloomSmith on 25th October 2023 -
The BloomSmith team is delighted to confirm the provision of a VAT bridging loan for the purchase of Kenmuir Farm, a 60-acre plot of land in Glasgow that has planning permission for 300 houses.
The BloomSmith team provided the client a loan of £378,600, covering 100% of the VAT.
This loan ensures the purchaser can meet the VAT obligations of the purchase without their cash being unnecessarily diverted to HMRC, enabling optimal short-term cashflow management.
Funding for this purchase was done in collaboration with the award-winning specialist mortgage providers Together, with a total of £1.6m lent to the client.
The team also worked alongside its key partner Fladgate LLP, brokerage Synergy Commercial Finance to deliver the loan.
On completion of the deal, BloomSmith Finance CEO Nigel Smith said: “This is a great example of our financing model in action.
“Our lending provision has enabled our client to quickly access the capital required to pay their VAT whilst avoiding the clunky admin and cashflow challenges that come with a reclaim of this size.
“The recent stabilisation of interest rates has given many developers and investors the confidence to execute land purchase deals and we have seen a significant uptick in demand for our services over recent weeks.
“We are delighted to have played a key supporting role in this purchase and look forward to supporting the purchasers and their excellent team again in the future.”
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Tanya Elmaz, Director of Intermediary Sales at Together said: “It’s incredibly rewarding to see the success of a strong working relationship, and the collaborative effort to provide the funds in such a short timeframe is a testament to all parties involved.
“This is an excellent example of how a maintaining a strong working relationship with our trusted partners can provide the right customer outcomes at rapid pace.
“We hope to continue working with BloomSmith; providing fast and flexible finance to help our customers achieve their property ambitions.”
Contact the BloomSmith team today to discuss our lending provision.