Helping developers with refinance pending sale of completed units
Our customers had converted a large residential property into five high-quality flats. One flat had been sold by the time the development finance loan term expired. The terms offered by the existing lender for an extension would have penalised the customers if they were unable to sell more flats in the near future.
A nine-month bridging loan from United Trust Bank enabled the customers to repay the outstanding development loan. They judged that nine months was enough time to sell more units to repay the bridging loan, without depressing the units’ value by creating the impression that they were under pressure to achieve a quick sale.