Having almost completed his existing project, five detached houses financed by ALTERNATIVE Bridging, our developer client was anxious to purchase his next site, a retail investment with a large rear garden in North London. Our client had met with the planners and was confident that if an application was made, planning permission would be granted for two roof-top apartments and mews houses in the rear garden.
The challenge was twofold. First to complete the purchase in a limited period as contracts had already been exchanged, secondly to fund 100% of the purchase price. ALTERNATIVE agreed a facility of 65% of value of the property for the purchase and provided the balance by releasing funds from the client’s current project ahead of sales.
All of this was agreed within a day of first hearing of the proposal and the challenge was to complete the loan and purchase within the contract period. ALTERNATIVE instructed solicitors and valuers with whom they have close relationships and the valuation was received in 5 days and the loan completed the day after the report on title was received, from a standing start only 16 working days after the file was passed to underwriting