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 to have “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 that was best suited to not only providing the development finance required for the deal but also one that would be able to take a look at 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 was 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 that ensured the case was 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 be completed.

By using an experienced and qualified bridging loan broker who added value due to his knowledge, the case progressed with minimal issues for all parties and prevented our client from missing out on an excellent opportunity.

Overall, a very satisfied and repeat client, and a good deal completed.