The client purchased a commercial property with the aim of converting it into a residential property. With the planning permission granted, our client wanted to refinance their existing borrowing and also proceed with obtaining additional planning to further enhance the value of the site.
The challenge on this particular transaction was the short timescale. We had to ensure the existing finance was repaid within 3 weeks to avoid the client incurring costly extension fees on their current arrangement.
Finance 4 Business was able to complete the new bridging loan facility within 5 working days of the submitted application. The full amount was raised for a term of 10 months, enabling the client to complete the plans for the enhanced value and was also free of any exit fees.