Our client required £2.04m to build and deliver a new reception centre at John Radcliffe Hospital, the main hospital in Oxfordshire.
The problem: our client was initially refused bank funding to deliver the project and was introduced to Seneca by a broker looking for a fast solution.
The merit: the development had planning permission and a build contract backed by a highly professional team. Agreement for leases for 3 retail units had been entered into with the hospital and our client had a clear exit plan.
Our solution: a £2.04m facility for 9 months with interest rolled up to the end of the term of the loan to ease cash flow.
The result and exit: our client repaid the facility by selling the completed development to an investor. The development was delivered in time, achieved a significant upside in GDV and was exited successfully.
The feedback: our client was pleased with Seneca’s backing and support throughout and, needless to say, was thrilled with the end result.
Our client commented:
“You can always tell the complexity of a project by the number of solicitors involved. This deal had five. Despite that, Seneca turned around the finance we needed within 5 weeks from first meeting to drawdown. We kept the Seneca team involved along the way right up until we paid everything back within the timescales we agreed.”
The broker was pleased with Seneca’s pace, diligence and practical approach in supporting his client as soon as the case was introduced.