The client has a loan track record in land promotion in a major UK city and had recently obtained planning on a site he had been working on for some time. He had managed to pre-sell the site subject to planning. There was a short gap in the timescales between the land being acquired and subsequently sold but the client did not want to place any further capital into this particular site. A loan of 70% LTV was required albeit the client did not want to pay excessive rates/fees for the loan.
A client approached Knox Capital Solutions with an unusual request for a significant closed ended land bridge.
Positives
- Land pre-sold
- Strong site location
- Experienced client
Challenges
- Very High LTV; 70% for land only transaction
- Rates/fees in line with market and client expectations
- No further capital input by the client
- Non conventional lend
Our Solution
We approached a private lender we have used in the past as the LTV was too high for any conventional Bridgers to consider. A loan was agreed on terms acceptable for the client with the lender being comfortable to use the existing valuation on the site.
