Since our worlds were challenged by COVID-19, there has been no ‘how to’ guide to anything in life and we’ve had to adapt to challenges galore in our personal and professional worlds. Luckily, it’s something we are incredibly used to doing at largemortgageloans.com as our team of expert advisers not only have a wealth of experience and knowledge, they also have bags of resilience and determination to find the right solution for our clients, no matter how challenging the situation.
Our clients were property developers working on a 288-bed student accommodation block in the centre of one of the North’s most vibrant cities. Due to the global pandemic, works were halted for three months, which had a knock-on effect on the project’s funding schedule. This delay in the release of the next stage of development funding put the client’s completion schedule at risk and they required fast funding to keep contractors on site and completion on track.
Our Specialist Mortgage Adviser was able to secure a bridging loan of £700,000 to complete the final works and release the units for sale. Due to the build being at midway stage, this involved huge complexities, such as securing new insurance policies. The lender also needed to see sales agreements for post completion and up-to-date Quantity Surveyor reports proving that the development schedule was on track.
Having organised and secured all of this paperwork, the lending package was agreed, and our client’s investment is now realising its value on the open market.
If you need short-term financing in the form of a bridging loan, we have the experts to help find you the right solution, fast. Contact us to find out more.