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£1.2 million bridging loan secured to purchase development site

Aaron Strutt Image

Case details

Our client asked for help to secure a £1.2 million bridging loan in order to complete on a development site in London.

He had already exchanged contracts and was under pressure to arrange finance in order to complete the purchase.

There was also the added difficulty that the property did not have planning permission to be converted into luxury flats.

Solution

Many of the bridging companies were not keen to lend against a property without planning permission, although we found a handful of providers willing to help.   

As our client had a proven track record of gaining planning consent on properties in London and history of developing them, the lenders looked at the borrowing request more positively.

Property: Site in central London

Value:  £2.2 million

Bridge: £1.3 million

Rate: 1% per month of the total facility until it is repaid

Lenders arrangement fee: £19,000

Term: 12 months

Loan-to-value: 60%

Early repayment charge: None

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.

If you would like help to secure a bridging loan, call Trinity on 020 7016 0790.

As seen in
sunday times telegraph financial times bbc news the express the times
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