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Case Study: Development Facility

Our client was a company which owned a development site with planning permission to build 22 flats into two blocks.

There was a pre-existing bridging facility secured against the land. Before the Company came to us, it had already obtained terms from a lender to provide 100% of the build costs and also the necessary fund to clear the existing bridging facility. The lender however adjusted the terms and reduced the borrowing levels which meant that the package was no longer suitable for the Company’s requirements. We were therefore approached by the Company to resolve the situation as fast as possible.

We used the current valuation in place to ensure the Company did not incur any further costs and obtained funding that provided 100% of the build costs and the necessary capital to clear the current bridging facility.

Total Facility: £6m plus interest

Term: 18 months

Gross Development Value: £10.8m

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Case Study: Development Facility

Our client was a company which owned a development site with planning permission to build 22 flats into two blocks.

There was a pre-existing bridging facility secured against the land. Before the Company came to us, it had already obtained terms from a lender to provide 100% of the build costs and also the necessary fund to clear the existing bridging facility. The lender however adjusted the terms and reduced the borrowing levels which meant that the package was no longer suitable for the Company’s requirements. We were therefore approached by the Company to resolve the situation as fast as possible.

We used the current valuation in place to ensure the Company did not incur any further costs and obtained funding that provided 100% of the build costs and the necessary capital to clear the current bridging facility.

Total Facility: £6m plus interest

Term: 18 months

Gross Development Value: £10.8m

Contact us

Call us on 0800 802 1003

or fill out the form below

When should we call?

By submitting your enquiry you agree to the terms and conditions and privacy policy and by clicking 'send' you are confirming that you are happy to be contacted via telephone, email or SMS to help you with your enquiry. Please contact us at sales@nichefs.co.uk if you have any questions regarding this.

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© 2018 Copyright Niche Financial, All rights reserved.

Niche Financial Solutions LLP is authorised and regulated by the Financial Conduct Authority, (FCA) 708467

Registered in England No. 11278148