Hope Capital’s refreshing approach to complicated cases helps builder with CCJs move fast on refinance deal

Facility

£233,100

Loan Term

6 months

LTV

70%

Issue

The borrower needed funds to refinance an existing debt with another lender and to release his investment property from the control of receivers. There were also legal issues as the solicitors needed to ascertain whether or not planning permission had been implemented on the property – a barn – or lapsed, which would impact the valuation and potentially stop the deal from progressing.

 

The client was being pushed by its existing lender. To complicate matters, the client also had a separate construction company which was party to a dispute with builders. This had resulted in a court case and he had been forced to inject a lot of his own cash into funding the case. This had taken its toll on the client’s business and cash flow, leading to receivers being appointed. He also had CCJs that needed settling.

Solution

After the client submitted a slight change to the planning permission, Hope Capital, through their experience of such cases, was able, by collaborating with the valuer and lawyers and speaking regularly to all parties, to prioritise the funding and provide the 6-month funding buffer the developer needed ahead of obtaining a longer-term development loan.

Result

Hope Capital completed the loan within 17 days from when the legal undertaking was in place, and given that there were some legal complications, it was a very fast turn-around. The deal meant that the client was able to release the properties from the control of the receivers and the broker was impressed enough to promise more introductions.

“It is refreshing to find a lender who looks beyond the obvious obstacles and because of their flexible and transparent approach use their undoubted experience to get the job done. Thanks to Laura (Carr) and the Hope Capital team.”

Michael Fisher, Crystal Specialist Finance

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Wayne Lee

Wayne is responsible for developing new business across the UK. He has worked in financial services for approximately 20 years, is a specialist in mortgage and bridging finance and has handled bridging finance deals from start to finish through private funders throughout his career.

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