Our client was a local developer how had used his own funds and some private investor cash to purchase and begin redeveloping 2 properties in Crook, just outside Durham.
Certain unforeseen delays meant that he was getting closer to the redemption date with his private investor but was still a few months from finishing the work. There was little flexibility with the private investor who required their money back at redemption date – if not then default interest would begin to be applied.
The prospect of default interest was giving our client sleepless nights. Thankfully he was introduced to us by one of our top brokers who knew we could perform and perform quickly.
We hastily arranged a site visit with the client and were brought up to speed with the progress of each property. We needed a few checks regarding the pre commencement conditions being discharged and the most recent report from Building Control.
Once these were provided and proved satisfactory we quickly embarked on our due diligence, legal work and valuation.
Our loan was ready to complete and draw down on the Friday prior to redemption date meaning the client was provided with funds to redeem his investor and a further small facility to complete the outstanding works.