5 Day Completion on Bridging Loan

We worked with our client to enable him to purchase a plot of land in Warwickshire. The planning permission on the site was not viable but there was a favourable pre-app for a slightly larger scheme consisting of 2 dwellings. We completed on a Bridging Loan for the purchase of the site in 5 days at 70% LTV. We had finance offers arranged in the background ready to execute once the revised planning was granted. The development loan drew down at 65% LTGDV and 80% LTC based on a loan size of £1.1m. Both properties sold off plan.

Location: Warwickshire
Loan Amount: £1,100,000
LTC: 80%