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Need to register? Click here to start using our sourcing and case management system
Call us: 01277 500 900
A developer required a loan of nearly £850,000 to repay a bridging facility and provide additional funds to pursue the planning permission for the conversion of an office building in Wales to residential apartments.
The client wanted the loan to be secured against the ‘hope value’ of the property. This was value of the site based on planning permission for residential use being granted.
We partnered with Pivot Finance to provide a 12-month loan at an LTV of 84.4% of the original market value (42.2% of hope value of £2m).
The expected exit strategy for the loan was the sale of the property to a local housing association, once planning permission had been granted.
As part of its underwriting, Pivot obtained external planning opinion, which suggested that planning should be achieved subject to some minor amendments. These recommendations were then included as conditions of the loan.
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