Wiltshire property developers benefit from short-term funding of £460,000
We helped a Wiltshire-based property developer, who were searching for a bridging loan to pay off the rest of a development finance facility and raise funds to help with the purchase of a new development site.
The client had a 14-house complex that was completely finished, but four of them remained unsold. A chain break resulted in the sale of one of the remaining units not exchanging nine days before the Christmas 2021. The developer required that money from the sale to both repay the existing facility, which came with steep default penalties, and to finance for the purchase on the new site. The client was under pressure from the seller and feared they were about to miss out on their next opportunity to another party.
One of the developers had some adverse credit after defaulting on a previous line of credit just a few years before. Whilst this party's credit score has suffered as a result, the lenders we approached saw through this obstacle. We completed the bridging loan within 10 days, enabling the client to secure the new location while avoiding any fines from the existing lender.