Bridge Invest completes £870,000 bridging loan
Bridge Invest has completed on a £870,000 bridging loan against a park home site in Lymm, Cheshire, valued at £1.8 million. This loan was used to extend the borrowers sale period, allowing them time to market the properties.
The park home estate comprises a development of 13 modular park homes developed on a brown field site, built in an attractive location with a wildflower meadow and within a gated development.
Ronak Ruparell, pictured, CEO and co-founder at Bridge invest, said:
“The beauty of this bridging loan is that 80% of the sale proceeds from the properties will be used to pay down the loan, effectively lowering the LTV throughout the course of the loan – having actually had a sale complete on day one.
At Bridge Invest we do not shy away from modern construction practices, especially when the sales give clear evidence of demand”.