Case study: St Leonards-on-Sea
Project completed: January 2020
Experienced Developers, with a number of successful buy-to-let developments to their name, seeking fast access to fund an auction purchase.
Situated in the popular location of St Leonard-on-Sea near Hastings the 3 bedroom property was to be sold at auction and the Developer planned a light refurbishment.
The borrower was looking to purchase the property and was prepared to offer a 1st and 2nd charge against two of their existing buy-to-let developments as security for the purchase loan. Funds for the property’s refurbishment were being provided by a third party. The exit of the loan was to be a refinance on the completion of the works.
Given the client’s excellent track record and a sound schedule of works we were able to provide the funds for the purchase. Mint Bridging provided a £154,250 bridging loan over a 6 month term to secure the auction purchase. The third party investor was required to enter into a deed of subordination for their refurbishment loan.
The purchase completed on time and subsequently the works were finished ahead of schedule. The property has just been listed to let.
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