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Client who's facility had expired secures re-bridge to be able to complete development project

A short term lending case study - October 2018

Objective

Our client had a bridging facility on a pub site that they planned to knock down and build a number of houses.  The clients current facility had expired and an extension wasn’t available since it had already been extended once before.

Obstacle

The available lenders were limited due to the fact that the current property was a pub and the client didn’t have full planning permissions in place.

 

Brightstar managed to place the case with a lender that would agree to redeem the current facility, and were also happy that full planning permissions weren’t yet granted for the proposed development.

Outcome

As the client was under pressure to complete as soon as possible, Brightstar had to select a lender from the limited list who would be proactive.

 

As a result, we were ready to fund within 5 days.  Planning permission has since been granted.

#madeeasy