Case Study
A commercial development site requiring a short-term loan before sale
The borrowers wanted to lend £750,000 for six months so that they could increase cash flow whilst selling the site to a local housing association.
A commercial site in Hanwell, London, well located and only a short walk from the New Cross rail link to the City of London, with good communication links and a desirable development site.
The borrowers wanted to lend £750,000 for six months so that they could increase cash flow whilst selling the site to a local housing association in a deal that had already been agreed in principle for £7.75m with the benefit of planning permission.
The borrowers wanted to have an exit strategy being either the sale of this site or another one they are selling in the UAE They have a bank facility of circa £4.4m against this site and with those figures we were happy to accept their proposition for a second Charge Loan.
