An existing and active Enness client was undertaking a development of a property in Prime North London. He had planned an exciting scheme on an attractive property set well within comfortable lending limits.
However, ten days before completion and after exchange of contracts their funder pulled out of the transaction on the basis that planning permission was not fully in place for their scheme.
This left the clients in a very tight spot as they risked loosing both the deposit and the potential value in a very profitable scheme. We were therefore tasked with arranging a bridging loan for a property developer – something we are quite familiar with as these unforeseeable situations frequently arise.
We had the property valued and produced a full lending offer within 4 days using a bridging lender we trust implicitly to get things done. Once the acquisition was complete Enness put in place a cheaper longer term loan facility which allowed the client to complete the build.
We will then also put in place an even cheaper mortgage once the build is completed and the property is let. This is a strong example of us offering a complete solution for our client under one roof. We are very adept at arranging last minute bridging finance for property developers and this proves this to be the case.