Seneca Lend £400,000 to Fund the Build of Two Apartments in Clifton, Bristol
Our client required £100,000 bridging finance to pay off the existing loan secured against his site and a further £300,000 development loan to build two luxury apartments in a desirable part of Bristol.
The Problem: A successful business owner, but a new property developer, our client was introduced to us by one of the leading property finance brokers in the South West. He approached us as he knew we would take a view on the site’s attractiveness and the experience and governance of the project team.
The Merit: We were pleased to review the plans for these two uniquely designed apartments in a very attractive part of one of the UK’s leading cities. The architects and the building contractors have a solid track record with this type of development.
The Solution: We visited the property and met with the borrower at one of his existing, successful businesses. This helped us understand his motivations and aspirations for this and future schemes he’s considering. Following receipt of a valuation and on completion of legal due diligence, we were able to offer the loan he requested, with the £300,000 development finance element being transferred in staged payments on receipt of our monitoring surveyor’s reports.
The Result: We’ve proven our pragmatic approach and ability to deliver to this highly regarded introducer who is now working with us on other transactions.
Diligent Lending | Exceptional Value