Our client was let down by their existing lender at the last minute after they had committed to fund the purchase of a development site that the clients had been working for nearly three years. They had secured the site by way of an option and had put together a full planning approval, but were in danger of losing close to £500,000 in fees and investments if they were unable to complete on the option purchase.
Funding Requirement: we had been approached with only four days remaining to execute the option agreement, so the clients needed us to deliver an emergency facility to complete the purchase.
Facility Provided: we met with the lender and the valuer on site the day after the enquiry for their due diligence to be accelerated. The facility was provided on competitive terms, but more importantly delivered within the notice to complete period.