When this property developer was searching for a new funding partner that could provide a Bridging Loan to help repay an existing facility, raise capital to strengthen cashflow as well as provide additional time to sell the remaining apartments, they reached out to industry broker Paul Harrhy at City Finance Brokers who introduced them to Senior Regional Director and Bridging Finance expert Samuel Cousins.
Samuel explains, “The borrower has over seven years’ experience in the property industry and has already been involved in 20 projects that saw commercial offices converted into residential units, creating 692 homes in the process. When Paul introduced me to them, it was evident immediately that Ultimate Finance could become their funding partner of choice and provide them with a bespoke solution that would help them meet their ambitions”.
To help keep the 56-appartment site moving to completion, Samuel tailored a £3m Bridging Loan which will help repay an existing £2.38m facility and provide the borrower with an additional £874k for day-to-day cashflow whilst they sold the remaining units. Samuel adds, “Despite the developer’s expertise and best efforts, they have had to navigate unexpected obstacles on this project, with the properties expected to sell in 2020 but sales completely halting as a result of the first lockdown. Because they had been let down by previous lenders, it was important that I work closely with Paul to showcase Ultimate Finance’s proven expertise on the property market and why thousands of business owners, developers and introducers have already made us their funding partner over the past 20 years”.
Samuel pulled out all the stops and worked in partnerships with Paul and respective solicitors and lawyers to provide the funding as quickly as possible. Paul says, “In my line of work it is essential that I partner with people that I can trust and know will deliver what they promise for my clients. My mantra is that if you need a solicitor you should partner with a property solicitor, not one who only does a bit of property on the side, and I apply the same to the rest of my contacts, from accountants to funding providers. To that effect, it was important for me that I introduce my client to a lender that specialises in property finance, and Ultimate Finance ticked all of the boxes. I and the rest of the team at City Finance Brokers had already placed clients with Ultimate Finance and, with another successful deal behind us, are working on helping many more developers access their high-quality Bridging solutions”.
Find out more about our range of residential Bridging Loans and how they help keep businesses moving.