Deal Type: Property Development
Loan Amount: £375k
Loan Type: Reparo Six-Month Bridging Loan
Security: Property
Region: Norfolk
Reparo worked with a property developer to ensure funding was in place and their project was delivered on time. The property developer needed a cash injection to finish a redevelopment project, and working with a traditional mortgage lender was a prohibitively lengthy process.
Reparo was able to process the funding quickly by obtaining the first legal charge over the property being developed. The loan was funded at 70% LTV based on the existing value of the property.
The Reparo loan facility is for six months and the property developer will refinance to a long-term commercial mortgage.
Sharon Bryden says: “The timeframes in this deal were extremely tight. The developer needed to progress their project and the banks’ due diligence process was taking too long. With our surveying partner we were able to value the property (which had some specific challenges) and produce loan terms in a matter of days. This borrower will be able to re-finance in six months but without our help the development project would have likely hit severe problems”.