LendInvest provides GBP7.35 million bridging loan in under seven days
UK property finance specialist LendInvest has facilitated a GBP7.35 million bridging finance loan for a developer in just seven days.
The loan is to purchase a large commercial property in Watford town centre, with the aim of obtaining planning for a primarily residential, mixed use scheme. Upon completion, the development will comprise of residential and retail space, offices, a gym and a hotel.
This project is in a prime location, in close proximity to the large-scale redevelopment and extension of the Intu Watford Shopping Mall.
In this case, the borrower was let down last minute by another lender; LendInvest then stepped in to provide the finance for the project at speed to help the borrower avoid any delays in purchase.
The total loan provision for the site is GBP7.35 million, with an LTV of 75 per cent. LendInvest took only seven days to complete this loan, due to the time constraints on the borrower.
Matthew Tooth, Chief Commercial Officer at LendInvest, says: “When a borrower is let down last minute by a lender it can have a disastrous effect on the timeline of their project. In this instance our team quickly identified whether we could assist, and then went the extra mile to ensure the deal got over the line in a time frame that caused the least possible disruption.”
SPF Private Clients acted as the broker for this deal.
Daniel O’Neil, Director at SPF Private Clients, says: “Having been let down by a bridge lender a week before purchase completion on a GBP7.35m loan, I immediately turned to Rebecca Murphy at LendInvest to help replace the funding required to complete on the property on behalf of the client. Clearly time was of the essence with this deal, however we were able to meet with LendInvest the following morning, appointed the solicitors, and agreed the timetable for completion for seven days thereafter.
“The process and experience throughout the deal was both seamless and expertly tailored to meet the client’s requirements and timetable. Monies were moved the evening before completion and held to order, to enable a smoother process on the day of completion. The client was extremely pleased and impressed with the speed and competency of LendInvest, and expects this to be the first of many successful deals in the future.”