Corporate Borrower
This corporate borrower wanted the funds to complete the purchase of a residential property. The completion date was approaching, it was just 20 days from the date we received the application. The property, which was part of a riverside development of 81 residential units, was to be lightly renovated and rented out after the works were done. Valuers noted an ongoing water ingress issue to the ceiling within the reception room to the fifth floor, possibly emanating from the floor above and recommended specialist advice in this regard which could not only delay completion but also affect the value and thus the loan amount. The specialist report identified the issue, the required remedy, and the cost. We managed to complete the case 5 days before the set completion date. In relation to the water ingress issue, this was taken into account and an amount was retained from the loan until the remedial works were completed within 1 month from drawdown.
Residential
£480,000
65%
9 months
