What was needed?
Our client in Twickenham required a re-financing agreement where they needed capital whilst in the process of achieving planning permission.
The money was needed to cover the costs of development whilst achieving planning permission before re-financing.
What did we do?
We sat down with the client to understand their requirements, and the client told us that they could get finance elsewhere 5 days before the end of the previous term, before informing us they needed an extension.
After talking this through with the client we were able to complete their refinance within the time frame requested and complete the agreement.
The market value of the property once completed would be £1.2 million, and the client required 60% of that amount.
Because the client required flexible finance, the rate was agreed at 4.5% per annum, or year.
The client was able to complete the work in 6 months.
The client, once planning permission had been achieved, exited the loan by re-arranging some development finance.