January 19, 2017

Development Exit: application to completion in just five days

Speed – it’s a common buzzword in the short-term lending market you are no doubt familiar with. But can lenders really deliver on this easy to promise, hard to deliver guarantee?

Having been let down by their initial lender, an experienced property developer new to LendInvest approached us requiring fast completion on a refinancing project that had begun back in November but had so far not completed. Just five days after receiving the borrower’s initial application, the loan was completed.

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The detail

Borrower: Experienced property developer

Location: West Midlands

Loan size: £354,000

LTV: 51%

Product: Development Exit

The challenge

With two new build, four bedroom detached properties due to go on the market for sale soon, the borrower required quick refinancing to clear their existing debt, freeing up capital for their next project while the sale of these properties was completed.

The solution

Keenly aware of the borrower’s strict deadline, the LendInvest team took five days from initial enquiry to completion, receiving the borrower’s application on Monday with legal documents signed, credit approved and loan completed by the Friday. This borrower was a new client to LendInvest; we were also able to complete the required additional due diligence on the borrower well within the five days.

Testimonial

“LendInvest was massively supportive in getting the deal done and closed in record time.  Where other lenders were unable to understand the issues and move forward, LendInvest was on the ball from day one, allowing us to proceed quickly and efficiently from offer to completion in just one week. Whether developing or refinancing existing projects, their specialist understanding of the particular requirements of investors will put LendInvest at the top of my list next time.”

Interested in finding out whether Development Exit finance could be a good fit for your project? Click here to learn more.