Development exit bridge with capital raise

Development exit bridge with capital raise
Loan to value:
80%
Rate:
80%%
Value loaned:
£1,200,000
Completion time:
10 days

Our client came to us from another broker as they were having trouble placing the case because of the gearing. The client had completed a boutique development of 6 homes and had sold a couple already but urgently needed to raise funds to pay a tax bill and exit the development finance currently in place. The problem the client was facing was that he had to sell some of the units below what he had expected therefore making the loan difficult to exit onto a designated exit product. The structure of the LLP also complicated the deal as well as the deadline of 10 days.

Auction Finance used their contacts within the niche sector of bridging to achieve a 80% LTV net (after a down valuation) to exit the client from his current lending with enough to pay the tax bill.

Auction Finance worked very closely with not only the lender but their solicitor team to achieve the completion for the client at a heightned stressful period. 

If you are receiving pressure from your current development lender to exit your development finance loan, drop us a message here to receive a swift response to secure you a development exit loan.

 

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net loan
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