Swift assistance for a developer let down by their clearing bank
We were approached by experienced developers to fund a five-house scheme in a desirable North London area. The scheme was a mix of high-specification family housing, in a quiet road with good links to central London and the City. The customer’s long-term clearing bank had funded the site purchase but despite the customer’s excellent track record, had refused further help due to a change of policy. Our new borrowers were left without support at a crucial time, with interest on the debt compounding.
We were able to swiftly assess the scheme and provide a facility so it could proceed to completion. We arranged a site visit and meeting within a week and obtained credit approval soon after, providing a facility to cover 100% of construction costs at a loan to value of 55%, to assist with professional fees and to refinance the original land loan. Our client accepted the offer and quickly proceeded with the project.