South East Re-Bridge Finance - Case Study: £392,000 (6 months)

CHALLENGE

• A corporate borrower had purchased a former school property with a bridging loan. They submitted a planning application for a change of use to residential
• A number of objections had been lodged, delaying any decision being reached
• They needed to quickly refinance as the current facility, nearing redemption with a London bridging finance lender, had to be repaid as they would not permit extensions. They required re-bridge finance from Mint Bridging

APPROACH

• We worked with the borrowers to ensure a quick solution, and progressed refinance with a first charge short-term bridging loan over the property
• The borrower were confident the objections were dealt with and planning would soon be granted. Also, sale terms for the property were agreed if secured
• They had an understanding of finance and property. In addition, they were knowledgeable about building, were experienced developers for large multinationals and their own recent ventures

RESULT

• They accepted terms for the facility and we mutually agreed key milestones, including planning approval and the sale of the property
• Planning consent for residential use was accepted