The Client

A firm of Architects were referred to us by their accountant. The firm were in the process of developing their existing building adding an additional floor to the building, increasing the value and then selling the site. They required £120,000 to redeem the existing loan with Lloyds and to funds the remaining works.

The Challenge

They approached their bank for the finance who declined to help as the property was mid construction. They also didn't want to provide any Personal Guarantees as one of the Directors was approaching retirement and didn't want to take on any risk.

The Solution

We were able to raise a bridging loan secured against their partly completed development project. No personal guarantees were required which the Directors were very happy about. Loan was approved in principle in a matter of days although they delayed he drawdown for a couple of months until their required the funds. Successful project, delivered.