£14.5m
Loan amount
7.5% p.a.
Interest rate
Maximise return, minimising equity
THE CHALLENGE
Bircroft were asked to find a funding solution to enable the client to purchase a number of small connected sites all with different vendors. With all the sites purchased, the planning consent for a 16 units new build residential development could be delivered.
THE SOLUTION
Bircroft structured a collection of separate bridging loans, taking advantage of the marriage value of the various sites to maxmimise the debt quantum. Once all the site purchases had completed, the bridge loan could be refinanced with a development loan to enable construction to start.
KEY WINS
- Managing numerous vendors on a tight timeframe for completion
- Securing immediate development finance take out for the bridge loans to reduce costs