Case study: £730k bridge for developers changing exit strategy
See our full bridging range and get instant quotes here
Location: Maidenhead
Loan amount: £732k
LTV: 66.62%
—
Repeat developer clients were looking to remortgage their existing bridging loan following a change of exit strategy.
The original bridging loan had been taken to repay their outstanding development facility with us as they looked to make the finishing touches necessary to let the property out.
However, since this loan had been taken out they had chosen to refocus and instead sell the property.
They wanted to refinance the loan to give them ample time to sell the property, which a valuer anticipated would take 0-3 months.
Frequent borrowers with plenty of experience and satisfaction could service the loan, we were happy to support this reset. Which went through enquiry to funds released in just over two weeks.