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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