LendInvest completes £7.35m bridging loan in seven days

LendInvest has provided a £7.35m bridging loan to a developer in just seven days.

The loan will be used to purchase a large commercial property in Watford town centre, with the developer aiming to secure planning for a primarily residential, mixed-use scheme.

Once completed, the development will comprise residential and retail space, offices, a gym and a hotel.

LendInvest stepped in to help the borrower who was let down at the last minute by another lender.

The online platform for property finance provided the loan at 75% LTV.

“When a borrower is let down last minute by a lender, it can have a disastrous effect on the timeline of their project,” said Matthew Tooth, chief commercial officer at LendInvest (pictured above).

“In this instance, our team quickly identified whether we could assist, and then went the extra mile to ensure the deal got over the line in a timeframe that caused the least possible disruption.”

SPF Private Clients acted as the broker for this transaction.

Leave a comment