Featured, Mortgage Guide
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.
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