Bridging finance is commonly used when you need capital to build or redevelop a property. You may need credit to build or develop a property for commercial use. Alternatively, you might want to construct or renovate your own home or investment property. You can also use a bridging loan if you have borrowed capital from several lenders to fund work on a property you have already started developing and later plan to sell.
In this case, our client had purchased and refurbished property worth £12.5 million to sell using development finance. However, as the property had not sold and the term of the existing debt has expired, the client was looking for a bridge lending solution that would give him more time to sell the property.
Here at Enness, we know exactly how to overcome these obstacles and have a strong relationship with all the leading lenders in this specialist part of the market. As a result, we arranged a solution the client was delighted with.
Bridging finance for property development is known for being particularly flexible, and the scenarios in which it can be used is very broad. Most lenders are comfortable lending to first-time property developers, although the more experience you have, the more options will be available to you.
Enness has access to all the leading lenders in this specialist part of the market. Whatever you need property development finance for, your broker will ensure you have the funds you need, when you need them and to secure you the best deal available on the market.