Deal of the Month: Poor Credit Rating Hurdled Successfully for Developer

Building an extra property needs extra funds, especially if that’s going to help you out of financial difficulty. That’s what we organised for a client who needed some additional funding to enable her to submit a planning application for a new-build adjacent to her existing buy-to-let property.

Using the buy-to-let as security, we organised a bridging loan that allowed the existing borrowing to be refinanced and made additional funding available to pay for the planning application.
Even though the client had adverse credit ratings and was in default on several loans, our Property Finance Specialist Colin made sure the deal was completed successfully.

Since then loan came through, it has now been repaid through the sale of the old residence and the client is currently building her new house right next to her investment property.

 

bridging finance

 

Read more:
UK Commercial Lending is up by 19%
The Pure Commercial Finance Guide to Buy-to-Let Investment
The Main Risks of Property Investment

Article By Ben Lloyd

April 30th, 2016

Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.

Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.

Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.

Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.

See more articles by Ben

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