We had a client who identified a property he wanted to purchase in Holland Park. The purchase price was £2.6 million and he needed to borrow £1.6 million.
The property had potential to be converted into 3 self-contained flats. The property would be very sought after because of the development potential, and this made it an ideal candidate for a bridging finance deal, because the client was able to take the property off the market before another developer snapped it up.
Enterprise Finance arranged for the client to get a £1.6 million bridging loan at a rate of 0.9% per month.
He proceeded to obtain the planning permission he was seeking and once that was in place, it made the property very attractive to a property developer.
With the benefit of planning permission, he sold the property on for £3million.
Watch the short video below to find out more about our bridging loans.