The client — a repeat borrower who is venturing into property development — required the funds to purchase the site, which has planning for two flats in a three-storey block.
The land had a covenant against development, so a deed of rectification was required to remove this.
The 12-month facility was agreed at 50% LTV on day one, increasing to 65%.
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The exit strategy for the loan will be the sale of the completed project.
Vivek Jeswani, chief investment officer at Bridge Invest, said: "We have completed several loans to first-time developers who are underserved.
“In some instances, the borrowers rely upon our guidance in terms of meeting planning conditions, splitting titles, or exit strategy.”
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