Some projects need a lender willing to look past the tick-box criteria. This was one of them.
The Situation
Our client owned a rare and architecturally significant home in North London, and had already invested heavily to bring their vision to life. To finish the job, they needed to release equity, but the property itself proved a stumbling block for most lenders.
- Rare 1970s North London property of architectural significance
- Purchased for cash at around £3.5m, with a further £3m spent on refurbishment
- Client needed to release equity to finish the project
- Few lenders would consider the property type, or the fact it was only partially complete
The Solution
We approached United Trust Bank, who were prepared to take a view on a scheme nearing completion. The result was a facility that met the client’s needs in full, arranged quickly and cleanly.
- Facility of over £500,000 agreed, meeting the client’s requirements in full
- Competitive rate of 0.61% pcm over 12 months
- No early redemption penalties
- Excellent service throughout, with drawdown inside two months
The Outcome
With the funds in place, the client completed their refurbishment and moved straight onto an exit plan.
- Bridge repaid via a residential remortgage within four months
- Project finished, with a clear route out of the short-term facility
Working on a Project Other Lenders Have Turned Away?
This is the kind of case we love: a property others wouldn’t touch, and a solution that got the job over the line. If you have a project that needs a lender willing to think a little harder, we’re here to help.
