January 24th, 2018.
6 Months, 3 Properties, 3 Funders, 1 Client: A Case Study
Here at Pure Commercial Finance, we pride ourselves on our service which has seen a number of clients use our brokers time and time again.
One such recent case saw our team advise the same client on three different properties and secure finance from three different funders for them within just 6 months. These projects were:
1. Development finance
The development of an existing property with a rear extension and basement conversion in London.
The property was owned by the client, but it was generating little income. So, planning was gained to refurbish and extend the property with an end GDV of £2m. The client didn’t have experience in the property development sector, but had employed a strong professional team which, when presented to the funder, secured the deal as the risk of experience was negated.
2. Re-bridge Loan
The client had finance on a site which needed to be re-banked and extended. Planning was in place for a permitted development scheme, but the client was looking to gain planning to fully-demolish and build a new scheme which was more in-keeping with the surroundings and would offer great profitability.
£500,000 was raised on the site. This refinanced the current lenders and provided further funds to assist with costs. Planning has now been obtained and we are in the process of gaining development finance for the scheme
3. Commercial Term Refinance
Commercial finance was in place on an industrial unit in London, however, the current funder could not release any further funds to the client due to internal constraints. This meant refinance was needed.
£700,000 was raised on the property which refinanced the loan and allowed additional funds to be released to assist with other property transactions.
Financing Future Projects
Pure are already working closely on three other projects with the client and hope to have these completed by the close of 2018.
Tom Lee, Head of Structured Finance at Pure Commercial Finance said:
“Building relationships with our clients is key to understanding their needs on current and future property transactions. We cover all elements of property finance, so it was great to be able to assist with each of the client’s needs.”
Learn More About Pure Commercial Finance
Get to know our commercial finance brokerage by reading our about us page or give us a call on 02920 766565 to see how we could help you.