Times are more challenging in the commercial finance sector, but there are still multi-million-pound development finance funding packages available, when the right proposition is targeted to the right lender. One of our recent cases is a prime example of this.
A long-standing and well-established property developer client approached largemortgageloans.com seeking finance to develop a new site. They were looking to use one of the properties in their portfolio – an apartment block including some commercial units – as security to raise the finance.
Together, our dream team of Paul Fredericks and Charles Ayton identified a lender which they knew to be open to this type of funding package. They brought the client and the lender together in a face-to-face meeting where the lender visited the asset in question, allowing them to fully understand the proposition and gain confidence in the client.
In order for the lender to agree, an existing first charge on the property needed to be removed and an array of paperwork needed to be provided. Paul and Charles worked closely with the client, guiding them through every stage to provide all the lender’s requirements, In the process, our team managed to negotiate an increase in the borrowing amount to £3.4m over ten years, giving the clients extra funds to start the new development.
If you’re looking for guidance on any aspect of commercial or development finance, don’t hesitate to get in touch.