Our short term bridging loans are for purchase, refinance, property improvement or to unlock working capital for business purposes.
This unique overdraft provides you with a flexible drawdown facility giving you instant liquidity and avoids heavy setting-up costs.
Individually structured development loans for residential and commercial projects, with finance available for site purchase, construction and fees, refinance, equity release and to provide working capital. Loans are available up to 90% of the site cost.
We have a commitment to innovation and with the ever changing financial landscape around us we have designed a range of unique Specialist Lending products that solve a range of property lending needs.
A borrower based in an area of outstanding natural beauty in North York required funding to complete ongoing works on a residential development. The site comprised one fully completed house (which the client was living in) and seven part-completed units, all held on the same title.
Despite the scenic location and property value of £2.8M, there were a few challenges that arose. The completed property had not yet received building control sign-off due to a delay in obtaining the electrical certificate and EPC. Additionally, the property held a Professional Consultants Certificate (PCC) instead of a new-build warranty.
We provided a flexible Alternative Overdraft facility of £1,150,000 secured against the entire site. We utilised our Alternative Overdraft product – revolving credit facility – to move quickly and provide drawdown flexibility.
We worked closely with the borrower and their team to overcome the certification delays, making it a post-completion condition that the building control sign-off be received within two months. We also took a considered view on the PCC, allowing the deal to proceed without requiring a full structural warranty.
From initial handover to completion, the North York Overdraft funding was in place within 12 working days.
The borrower received fast, flexible access to funds, enabling them to continue construction across the remaining seven units without disruption. The planned exit is via the sale of the seven completed units. The borrower avoided delays and unnecessary friction by using our Alternative Overdraft facility. Our tailored solution provided the borrower with essential funding, and our practical approach to fast sign-off enabled completion at speed.
To find out more about our Alternative Overdraft Facility, please don’t hesitate to Contact Us.
Shouldn't accessing property finance be easier? This unique overdraft provides you with a flexible drawdown facility giving you instant liquidity and avoids heavy setting-up costs.
