Seneca Bridging completes £405,000 development loan for a part-completed project in Telford
Our clients, father and son, who between them had significant experience in property development, approached Seneca via their broker to refinance their existing debt with another lender and provide development finance to complete the project.
Our clients had originally acquired the site which was a former 18th Century tileworks and then obtained planning permission to erect a pair of 4 bed semi-detached houses with a separate shared garage.
Although the project was well underway, due to complications in fulfilling the planning conditions which resulting in delay our clients had reached the agreed term with its current lender at the time.
Time being of the essence and continuity being important, Seneca instructed the valuation immediately and appointed the outgoing lender’s quantity surveyor to continue its oversight on the project who undertook an urgent re-inspection.
Despite the valuation coming in lower than expected, Seneca continued with its commitment to lend.
We look forward to supporting our clients through to completion of the project (expected March 2020).
At Seneca, we see the full range of deals, from the straightforward to the complex, from a quick bridge or capital raise to a development involving multiple Yet another deal done as the year draws to a close… parties. We review each deal on its merit.