Old Textile Mill in the North of England
We were approached by a UK national who was looking to purchase an old textile mill in the north of England so he could develop it into student flats (subject to planning). He had a substantial deposit and other assets to pledge as security but although he was in the process of undertaking a similar development close-by, he was deemed by the mainstream lenders as having “little experience”.
Before contacting any lenders, we met the client on-site to fully understand his requirements and through our vast database of lenders we quickly identified a company who was best suited to not only providing the development finance required for the deal but also one who would be able to take a view on his lack of experience by looking at the bigger picture of this deal.
Prior to commencement, it was immediately evident due to the previous uses of the building that the nature of the security, would bring with it, legal and environmental issues which required a lender with the knowledge and experience needed to work with us all on the matters in question. Our lending contacts were of the utmost importance in obtaining funding in this highly complex area and we worked alongside the borrower, every step of the way until the purchase completed. We even used our outside contacts to obtain the specialist reports required by the lender to achieve funding.
It was the hands-on involvement of UK Property Finance which ensured the case completed. The legal process, as suspected was very complicated and difficult with problematic tenancy agreements, asbestos and other environmental issues plus title problems which meant that only due to the experience of the staff at UK Property Finance was the case able to complete.
By using an experienced and qualified bridging loan broker whom added value due to its knowledge, the case progressed with minimal issues to all parties and prevented our client missing out on an excellent opportunity.
Overall, a very satisfied and repeat client and a good deal completed.