Repaying an existing development finance facility
Find out how our team secured a high-value bridging loan for an experienced developer to over a 12-month term.
£3.7m Bridging Loan
Our client, an experienced developer, had just finished building 10 holiday lets in Devon. He approached us directly to enquire about a high value bridging loan that was needed to repay his current development finance facility and outstanding loans from his business partner.
After discussing the situation with the client, Tuscan Capital was selected to help organise this loan. Tuscan were the best fit for our client due to the size of the loan and the promise of the initial development. Working closely together, we agreed upon a 0.85% a month interest rate over a 12-month term, which would be paid back once the client had established revenue streams.
The client had a strict timescale due to the nature of the development and needed access to the funds as soon as possible. From the point of initial enquiry, a full loan deal was agreed in just eight weeks, and the client was able to fully focus on attracting visitors to the new properties.
Overview of Case Study
- Loan – £3,700,000
- Rate 0.85% per month
- Term 12 months
- Exit of Bridging loan – Refi
- Client is an experienced developer who had finished building 10 holiday lets and needed to repay previous lender and a business partner
- Lender – Tuscan Capital
- Direct Client
- Time from terms being accepted to completion – 8 weeks
Comment from the client
“We approached Forecast Finance to assist with the £3.7m refinance of one of our development projects which had just been built and needed an urgent bridging loan to repay our existing development lender.
Forecast Finance made the process simple and stress free. They soon engaged with a bridging lender that was able to get us what we need and within the timescales required. I would highly recommend them and will continue using them in the future.”
Ref No. CS6
