In this case, we were approached by a client who was seeking a large bridging loan for a property in Dover.
Purchased in 2020 for £1.3m, the imposing building is located on the coast of Dover and is currently vacant. With a plethora of alternative uses for it, and plans to acquire consent for a mixed-use scheme including a tech park, the property is valued at £5m.
As a result, the client was looking for a 2-year facility to further this and other sites of £2.5m. 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.
We work with the entire marketplace and will take the time to understand you, your plans and your financial position so that we can not only answer the question of how you will exit, but also deliver that plan for you.
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.