Tuscan secure £1,900,000 development exit bridge at 72.5% LTV.
An existing development facility was refinanced, with funds also provided to complete external works. The property portfolio lent against consisted of 12 units in Barrow-in-Furness.
The development of this former commercial site was well advanced, with the assets completed internally, but saw works delayed due to supply issues as a result of COVID-19. The project had c.£5,000 outstanding works to complete the units and a further £85,000 to complete landscaping and groundworks. Our loan with the client meant that the practical completion was reached in 8 weeks, with our term serving as a development exit bridge as the existing facility did not allow for a sales period following the delays.