An experienced Lancashire-based developer, specialising in large-scale commercial projects, needed swift financing to acquire a prime plot of land with planning permission for a high-end residential development.
Introduced to us by their broker, Seneca quickly structured a tailored bridging loan facility. The required funding level exceeded the value of the main security (a first charge over the plot). To bridge this gap, our team collaborated closely with the broker to incorporate an equitable charge over a property within the client’s existing portfolio, ensuring the developer secured the full £460,000 needed for the purchase.
The developer provided a clear exit strategy: repayment would come from the imminent sale of one of their company assets.
To ensure a rapid and efficient completion, our solicitors acted in a dual-capacity role. We successfully delivered the facility on time, enabling the client to immediately move forward with their ambitious project.
At Seneca, we pride ourselves on providing creative, asset-backed solutions for experienced developers. We look forward to seeing the exceptional residential development take shape and remain ready to support the client with future funding requirements for their build.