Funds to finish development
Our client had reached the final stages of a new build development and been let down at the last minute by another lender. With suppliers to pay and other debt to satisfy he found himself in real need of a lender that could move quickly to step in and fill the gap. To complicate matters, there were some sticky issues around planning consents that raised numerous questions during the underwriting process.
Working with a bridging lender who we know to be pragmatic and focused on getting deals done, we managed to move from application to drawdown, via some tricky legal wrangling on the planning issues, within 4 weeks. We supported the borrower through the entire process, ironing out each issue as it arose and bridging the gap between lender, solicitor, surveyor and borrower so he could get to the funding he needed ASAP.
