At Ultimate Finance we provide a range of tailored residential Bridging Finance solutions designed to directly target the modern needs of property developers. And because no two projects are ever the same, we ensure that our facilities are tailored so that we can support a complete range of developer requirements, as demonstrated by some of our most recent success stories.
Completing one property whilst getting started on other projects
We recently supported a developer introduced to us by broker Max Gibbons of Wonderloan on the completion of a three-bedroom detached home and plans to build on another two plots.
Senior Regional Director Samuel Cousins explains, “This is exactly what Bridging Loans were designed to help with: when Max introduced us to the developer, they had already completed three builds on the project, but they had been relying on a self-funding model to keep moving where they could only tackle one build at a time and complete the sale to obtain the cash they needed to move on to the next house. With our £224k bridging loan, they have been able to continue with the current property which was already at the first fix stage, with works still required on the kitchen and second fix electric, plumbing, carpentry, decorating and landscaping, and with the access to the additional funding, it’s allowed them to start developing the next two plots at the same time”.
Supporting the creation of a children’s respite home
Having already accessed funding through an Invoice Finance facility with us since 2019 , this business provides care support for children and was looking to purchase a four-bedroom house to be used as an Ofsted-licensed respite home. Having discussed the project with their Ultimate Finance Relationship Manager, they worked closely with our specialist Bridging Finance colleague Kay Williams, to tailor a £313k Bridging Loan to purchase the property now whilst awaiting for approval of the Ofsted license .
Kay says, “This was a rewarding project to be part of due to its particular nature, and it shows the real power behind our relationship approach with our existing clients: we were able to get funding in place quickly so that the business could purchase the house and have the breathing space they needed to get all the official paperwork in place before the respite home can be open”.
Buying additional time to complete sales
This six-unit project was overseen by five young entrepreneurs taking on their first residential project on their own. Despite the additional risks associated with less experienced developers, we were able to provide a £730k Development Exit Bridging Loan to grant them the additional time they needed to fully complete the sales before moving on to their next project.
Samuel explains, “This was a very impressive project, and all six sales had already been lined up, but the developers needed our funding line to refinance an existing facility to give them sufficient time to get building control sign off, all post conditions discharged with the council and complete the sale of all the properties. With this project successfully completed, they already other projects in the pipeline and I look forward to continuing to support them going forward”.
Securing a discounted property with our Below Market Value proposition
Our client had agreed to purchase a property at an auction at a significant discount, where the value of the property had decreased due to an access issue leading to the vendor accepting offers below market value.
Regional Director Laurence Trevaskis says, “Our client needed to gather the necessary funds within a tight timeline to benefit from the discounted price, and after agreeing that the access issue would be resolved by the end of the terms of our Bridging Loan, we worked with our solicitors and the landowner’s representatives to help find a solution to the problem. Through our Below Market Value proposition where we advance up to 100% of the purchase price for below market value properties, our client was able to access £600k to complete the purchase and add the property to their growing portfolio”.
The funding partner of choice
Where property is concerned, we understand that speed and flexibility can make a big difference. Our range of residential Bridging Loans offers tailored short-term solutions that directly meet the needs of property developers and come with a decision in principle within 24 hours and a fully credit backed offer within 72 hours. Certainty for developers trying to secure their future when they need it most.
