We were approached by a recent client when they inherited a number of properties – one of which was a pub that had been derelict for over 10 years.
Upon acquiring the properties, the client made the decision to turn their hand to property development. Despite its worn-out state, they chose to convert the pub into a block of residential homes – they just needed some finance to help them do it.
For this scenario, commercial bridging finance was the most suitable solution for the client. Specialist finance adviser Matt Karagul sought the facility with MT Finance, an award-winning bridging loan financier.
As the client had no previous experience of property development, the lenders chose to underwrite a majority of the bridge on the asset itself. In addition, there were frustrations along the way. Delays from land registry came through fairly late in the process, but MT Finance pulled out all the stops, and the lawyers involved were able to push to completion extremely quickly once everything was finalised.
It’s not just new property developers we can assist. See how we recently helped an experienced property developer secure a million-pound bridge for the refurbishment and conversion of a part-commercial, part-residential property.