In this case, we were approached by a client who was seeking a large bridging loan for a building of special architectural and historic interest.
Purchased in 2020, the imposing Grade II Listed building of over 200,000 sqft set in 30 acres.
With a plethora of alternative uses for it, and plans to acquire consent for a mixed-use scheme including a tech park, the client was looking for a 2-year facility to further this and other sites. Here, the exit would be the property sale - the client planned to use the property sale to repay the loan once they had enhanced the planning consents.
Enness knew a bridging loan, individually negotiated and very fast to arrange, would be an ideal solution in this case. As such, we sourced a well-established peer-to-peer lender who was keen to back the project as it will benefit the community, arranging a 2-year facility at 6.5% p.a.
The borrowers will be looking to enhance the location as a destination of national and international significance that complements the area's other heritage attractions. A sustainable future will be created by unlocking the value of its Military heritage to give it a sustainable long-term future in its unique setting, widening its appeal as a strategic location for inward investment. Local people and organisations will be empowered to play an active role in the stewardship of the landscape and its heritage.
Plans are being discussed for a tech-hub and tech incubation area which could also include residential accommodation, hotel, retail, restaurants and data centres.
Enness has access to market-leading rates, ensuring you will always receive the best possible deal. Whether you have a residential, buy-to-let or commercial project in the works, a large bridging loan could be the ideal facility to help you complete. Read more about residential bridging loans.