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UNIQUE SITE WITH PLANNING PASSED FOR AN 85-UNIT CARE HOME.

by Sav Dewhirst on 17th March 2023

Date: 10th March 2023

Broker: Narinder Gill

Loan amount: £1,300,000

Structure: Commercial Bridging

Asset Class: Commercial

Coreco Commercial are proud to source the funding for the site, to be developed by a large care home provider in south wales with GDV of £14m.

The client exercised an option to purchase the site but had complications with planning and had missed the contractual completion date.

This was a challenging piece of finance with most commercial bridging lenders not being able to provide lending at 75% LTV, we sourced NET 75% allowing for the client to utilize an additional mezzanine loan taking the total lending to above 85% LTV working with a boutique lender who understood and were comfortable with the transaction and moving parts.

We sourced NET 75% allowing for the client to utilize an additional mezzanine loan taking the total lending to above 85% LTV working with a boutique lender who understood and were comfortable with the transaction and moving parts. We worked closely with client and lender to ensure a positive outcome and completed within swift timescales.

Client is an experienced developer with numerous sites around the country but found a site in Wales outside of their preferred locations of London and Surrey.

The Clients were extremely happy with the facility and ability to service the loan on a quarterly basis.

Find out more about our specialist care home mortgage broker offering.

Written by Sav Dewhirst

Client Services Team

Savannah worked as Operations Manager for a financial adviser firm for 3 years before wanting a change and began working in the events industry as a Senior Account Manager organising group and corporate events.

Read more posts by Sav
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