LendInvest has provided a £348,000 refinance on a commercial land sale in Southend, which was undergoing delays due to Coronavirus.
The owners purchased the commercial property in 2017, and after obtaining planning permission for demolition and the construction of 12 apartments, the sale was met with many delays due to COVID-19.
The owners required the finance imminently due to their current lenders threats to appoint receivers and the need to refinance the property before lockdown restrictions eased.
After reviewing the application, LendInvest used the existing valuation report and search indemnity to provide the borrower with the money in just eight days.
Stefan Canavan, chief executive officer at Willow Isle Capital, the brokerage working on the deal, said: “With such a short deadline to meet, I knew we needed a lender who we trusted to move quickly.
“Having worked with LendInvest many times before on similar cases, I had faith that they were the right choice.
“This faith was not mis-placed, and the team worked exceptionally well to complete the transaction on time.”
Original article featured here…
The refinance loan was for £348,000 at 60% LTV, allowing the borrower to continue with the project after previous delays.
Justin Trowse, director for bridging finance at LendInvest, commented: “The last couple of months have illustrated just how important it is to be available to deliver quality, reliable finance to borrowers that need it.
“The team has worked tirelessly to ensure cases such as this move along quickly and seamlessly to prevent delays to a project.”
Original article featured here…
