Case Study: £10m Bridging loan to purchase a dilapidated care home
Client Requirement
A client introduced to Crystal Specialist Finance wanted to purchase a derelict care home in North London and carry out a complete renovation project to transform the period building into high-end, luxury apartments. The client was an experienced developer and planned to buy the property through a Limited Company. The property was valued at £17.6m with a GDV (Gross Development Value) of £72m. The exit route for the bridging loan would be the proceeds from the sale of all the apartments within the building.
Solution
We looked at all possible options and managed to secure the full amount on a serviced bridging facility. The case was very complex as planning permission hadn’t been obtained at the time of application and the proposed plans were to change the use of the building from C2 (care home) to C3 (residential use). We worked with our trusted panel of valuers and lenders to find the best possible option for the client.
Case Highlights
- Loan amount – £10m
- Loan term – 12 months
- LTV – 57%
We have a lending panel that spans the market, with options for every type of customer and property. From the High Street banks to Challenger banks, exclusive and semi-exclusive products, and access to very competitive bridging rates – you can count on us to source the right solution for your client’s circumstances.
Visit www.crystalsf.com to find out more about Crystal Specialist Finance and our full service offering available to you.
Alternatively, contact our team of specialist finance experts on 01827 301 070.
