Refinance of an existing facility on the property bought in September 2016, whilst awaiting planning on part of the land.
- Hope Capital was able to offer a loan of £2,569,000 against a valuation of £3,400,000.
- LTV 76% with a four month term.
- The loan was secured on a farmhouse and associated barns with planning for conversion to residential.
- Contracts had already been exchanged for the sale of the farmhouse to a third party which Hope Capital took into account when agreeing terms with the borrower.
- There was a complex company structure of ownership and background to the client’s proposal that Hope Capital took on board and was able to overcome by working closely with the broker and client.
- The property was held in a UK limited company which was also a sub-company of an offshore company. This meant Hope Capital had to complete due diligence both onshore and offshore.
- The client was on a strict deadline to repay existing debt or they would have lost substantial funds they had already spent on the planning application for the barn conversions.
- Being a principal lender meant that Hope Capital was able to move quickly and efficiently to complete the deal and meet the client’s requirements and deadlines.