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Our borrower required a loan to repay an outstanding lender and create 4 new ‘Manhattan’ style apartments in West London. They already owned the freehold of the whole block, and had consent to develop.
As mentioned, our borrower owned the freehold and leasehold for the entire block which was initially very dilapidated. Having refurbed the whole building to a high standard, he now needed funds to develop the ground floor. This was one of our most complex securities yet,, having obtained a total of 43 leases and the freehold of the whole building. However the desirable location in West London and the significant experience of this borrower meant we were more than happy to provide the full funds sought. Our primary concern is our relationship with our developers, and what a great developer this is! The pictures speak for themselves.
We provide Senior Development Loans for up to 18 months on almost any residential project with development costs under £1.5m. As we lend on small- to medium-sized projects, we’re still able to complete in market-beating times where required.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
One such Senior Development Loan was against a block of new-build apartments in Poole. The development proposal changed during the loan, and our flexibility enabled us to meet the borrower’s changing needs during the term.
If you have a project – involving a major refurb, conversion or extension – and require funds for both the purchase (i.e. on day 1) and the development work (i.e. loan drawdowns), then our Light Development Loan is for you. Even with drawdowns, we make the process as simple as possible. And for these projects, we typically don’t even require monitoring surveys, either.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
On this loan, we had a borrower who required a Light Development Loan to purchase an ex-semi commercial unit to convert into flats. They needed funds very quickly, and we were able to structure a deal to provide the loan needed.
If you have your eyes set on a property soon to go under-the-hammer, then our Auction Bridging Loan enables you to go into the auction with confidence. We’ll arrange terms with you up front, so that you know exactly what you can afford to pay. And given the speed with which we complete on loans, delivering on the finance after you’ve secured the property won’t be a problem.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
Here we had a borrower looking to purchase an HMO at auction. We agreed terms upfront, and after the borrower was successful at auction, we completed just a few days later.
If you’re looking for a straightforward, short-term loan against a UK property that you own – or are about to purchase – then our Residential Bridge is for you. We provide terms up to 15 months to help you bridge your funding gap, whether it’s a house sale, refinance, or an other source of funding that’s just a few months down the road.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
Here’s an example of one of our Residential Bridging Loans, on a house in Croydon. Our borrower needed a 6 month loan to purchase a property before selling it on to other developers.
Our Refurb Bridging Loan is for projects where the borrower is looking to refurbish, convert or extend a property. We provide up to 70% of the purchase price on day 1, and the borrower then provides the funding themselves for any work required. Because of this, developers typically love this product when the refurb or conversion costs are small, as it enables them to maximise their day 1 funding.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
We recently lent to a developer who was looking to convert a house in Oxfordshire into an HMO. They had the funds for the conversion, so just needed as much on day 1 to help with the purchase costs. We provided 70% LTV even though another lender had down-valued the property.
