Property finance investment platform LendInvest has funded a £7.35 million bridge loan for an “industry-leading developer” in under seven days. The online investment platforms says they stepped in to fill a void left by another lender.
Daniel O’Neil, Director at SPF Private Clients explained that having been let down by a bridge lender a week before purchase completion on the loan, he immediately turned to LendInvest to help replace the funding required to complete on the property on behalf of the client.
“Clearly time was of the essence with this deal, however, we were able to meet with LendInvest the following morning, appointed the solicitors, and agreed the timetable for completion for seven days thereafter.”
The loan in question is to purchase a large commercial property in Watford town centre, with the aim of obtaining planning for a primarily residential, mixed-use development including retail space, offices, a gym, and a hotel. The development is in close proximity to the large-scale redevelopment and extension of the Intu Watford Shopping Mall.
LendInvest reports that the total loan provision for the site is £7.35 million, with a loan to value (LTV) of 75%.
Matthew Tooth, Chief Commercial Officer at LendInvest, said that when a borrower is let down last minute by a lender it can have a disastrous effect on the timeline of their project.
“In this instance our team quickly identified whether we could assist, and then went the the extra mile to ensure the deal got over the line in a time frame that caused the least possible disruption.”
LendInvest has lent over £1.5 billion to help buy, build, or renovate over 5,000 homes across the UK since 2008.