Bridge Invest

Bridge Invest provides £600,000 bridging loan for land acquisition

Bridge Invest has completed a £600,000 bridging loan for the acquisition of a plot of land in Tottenham, London.

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%.

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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