Two property developers need to borrow £2.1 million to enable them to purchase one property and refinance on another. They intend to carry out extensive redevelopments on both over time. One property will be replaced with a pair of semi-detached four storey town houses. The other will either be extended or replaced with a single detached residence.
The developers plan to hold both properties whilst applying for planning permission. The properties will eventually be let out, with an intended exit via development finance.
Our two-tiered bridging finance offering means we can accept works that require planning permission or alter the external footprint or outline of the property. With no maximum loan size on our bridging products, the clients are able to borrow the £2.1 million they need to purchase the first property and refinance the other.