The story
Our clients found themselves in a position where they needed to refinance the development debt associated with a newly completed barn conversion project located in the picturesque Northamptonshire countryside. However, the vagerous of our property market precluded a quick sale. By refinancing this development debt, they aimed to secure more time to effectively market and sell the property,
In conjunction with this, our clients also need to refinance a bridging loan that had been utilised to facilitate the purchase of a stunning coastal property situated in the desirable area of Salcombe.
The Figures
Loan £2.8M
LTV 75%
Value £3.8m
Rate 0.76% per month
The solution
Both loans were secured with different lenders, each presenting its own unique set of requirements and conditions. Due to the intricate nature of the deal, it was imperative that both transactions be completed simultaneously to ensure a seamless transfer of ownership and financing. This complexity necessitated the involvement of four different solicitors, each specialising in various aspects of property law and financial agreements, to navigate the legal intricacies and ensure compliance with all relevant regulations. Moreover, given the distinct characteristics of the properties involved, we required two separate red book valuations. These valuations were essential as the properties were completely different asset classes and geographical areas of the country, each with its own market dynamics and valuation standards. The coordination of these various elements was crucial to the success of the overall transaction, highlighting the complexity and multifaceted nature of securing financing across different property types.
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