Complex Land Bridge in 12 days

The Situation

The client originally sought to finance the land, which already had planning permission granted, through a development finance lender. However, soon after, the vendor involved in the project set a hard 2-week deadline, which meant the development finance lender could no longer assist, and a bridging loan would be needed.

The client’s broker approached us for a bridging loan to finance the purchase, but based on LTV restrictions, we couldn’t offer the full £700k raised solely against the land.

The Solution

To overcome the funding gap, we restructured the deal by securing a cross-charge second charge loan on the client’s main residence, enabling us to reach the full net loan amount required.

This came with its own difficulties as the original time to receive consent from the first charge lender was given at two weeks, but we were relentless in chasing responses and managed to get consent in just 7 working days.

An instant AVM was acquired on the residential and a new land valuation was obtained through a valued partner and accepted without delay.

The Benefit

With our proven ability to work with speed and urgency in critical moments, we were able to complete the bridging loan within the expected timeframe with a two-day buffer.

Rather than being bound by strict criteria, we challenged ourselves with a different question; “How do we get this deal done?”, and in doing so, found the solution to fund the full value. Our flexible approach, and willingness to work with intermediaries and borrowers.