Our client came to us to raise over £1m to complete the build of their commercial property, owned both privately and by a limited company. There was already a large existing loan secured on the premises which were increasing by the day.
They had previously been rejected by other lenders due to accumulating adverse and a reluctance to take on projects midway through building works.
Despite this, we negotiated with local building control, the lender, existing charge holder and legal teams to ensure all parties were happy with the works, even negotiating a higher loan amount beyond usual lending criteria, to suit our client’s needs.
We eventually secured a 12 month deal above 65% LTV, with yet further development funds to be released in tranches, which delighted our client and enabled them to move forward with the project.
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