Refinance of 4 High Value Apartments in Canford Cliffs

Background

We were approached by a legal firm who were looking to find a solution for their client who needed to remove a business partner, complete the development of a site with 6 luxury flats and resolve a poor existing financial position.

The client needed to take back control of the limited company which owned the site and at the same time repay the existing development facility and other debts incurred on the site to date.

Solution

We proposed a 1st charge lending facility secured on the newly developed luxury flats, which were on the market for sale. To provide additional security for the lender there was a cross charge on a buy to let property and a 2nd charge on the client’s main residence. This enabled the existing facility to be repaid whilst the legal firm dealt with the restructure of the limited company.

Satisfied clients with the right results are key 

By working closely with the client’s legal firm, we were able complete the refinance in 19 days, leaving the client space to sell the luxury flats and have complete ownership of the business.

Bridging Facility: £3.7m

Term: 9 months

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