LendInvest provides refinance on Southend commercial land in eight days

LendInvest has provided a £348,000 refinance on commercial land in Southend, which had its sale delayed due to Covid-19.

After purchasing the commercial property in 2017 and successfully getting planning permission for demolition and the construction of 12 apartments, the owners were undergoing a sale that was delayed.

This left them needing to quickly refinance the property to give them time to sell it after restrictions loosened, or apply for development finance themselves later.

Their current lender was threatening to appoint receivers, so they needed the finance imminently.

LendInvest used the existing valuation report and search indemnity, giving it confidence in the property to refinance with the borrower.

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.”

It took eight days for the borrower to receive the money after the application first came in.

The refinance loan was for £348,000 at 60% LTV.

Justin Trowse, director for bridging 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.” 

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