LendInvest has facilitated a £7.35 million bridging finance loan in seven days for a developer.
The loan is to purchase a large commercial property in Watford town centre, with the aim of obtaining planning for a primarily residential, mixed use scheme. Upon completion, the development will comprise of residential and retail space, offices, a gym and a hotel.
This project is in a prime location, in close proximity to the large-scale redevelopment and extension of the Intu Watford Shopping Mall.
The borrower however was let down last minute by another lender. LendInvest then stepped in to provide the finance for the project at speed to help the borrower avoid any delays in purchase.
The total loan provision for the site is £7.35 million, with an LTV of 75%. LendInvest took just seven days to complete this loan, due to the time constraints on the borrower.
Matthew Tooth, chief commercial officer at LendInvest, said: “When a borrower is let down last minute by a lender it can have a disastrous effect on the timeline of their project.
“In this instance our team quickly identified whether we could assist, and then went the the extra mile to ensure the deal got over the line in a time frame that caused the least possible disruption.”
Daniel O’Neil, director at SPF Private Clients, the broker for the deal, added: “Having been let down by a bridge lender a week before purchase completion on a £7.35m loan, I immediately turned to Rebecca Murphy at LendInvest to help replace the funding required to complete on the property on behalf of the client.
“Clearly time was of the essence with this deal, however we were able to meet with LendInvest the following morning, appointed the solicitors, and agreed the timetable for completion for seven days thereafter.
“The process and experience throughout the deal was both seamless, and expertly tailored to meet the client’s requirements and timetable. Monies were moved the evening before completion and held to order, to enable a smoother process on the day of completion.
“The client was extremely pleased and impressed with the speed and competency of LendInvest, and expects this to be the first of many successful deals in the future.”