We were approached by a client who was half way through a development and had ran out of funds. The property was a unique, high spec house in Chelsea with an expected GDV of £7.5m.
The client had made the property wind and watertight but now required funding to complete the build. The uniqueness of the property (it was 50% subterranean) prevented the client from accessing regular funding options, therefore, he required a lender that could think outside the box and see the opportunity in a different light.
After instructing a QS report, we were satisfied the property was sound and could be completed in the given timescales and budget. We assessed different exit strategies for the property and were happy that this would not be an issue.
We refinanced the existing 1st charge and provided the remaining build costs 7 days after the QS inspection.