Lendhub provides £2.52m bridging loan for complex security
Specialist lender, Lendhub, has completed a £2.52m bridging loan for a substantial plot of land comprising a mix of asset classes.
The client, a group of reputable property developers, required the funds to purchase the property, which was held over 4 freehold titles, and give them time to work the planning and realise the potential of the site.
The subject property comprises a residential dwelling and several commercial assets which were occupied at the time of completion. Inclusive within the security is a large plot of unused land, providing potential for future site growth and development.
Lendhub were able to offer the £2.52m facility based on a LTP of 90% on a 9-month term.
The Lendhub team worked closely with solicitors at Lawrence Stephens in reviewing the 7 leases that exist on the property and bringing this completion over the line.
Gregory Palos, Head of Real Estate Finance at Lawrence Stephens comments:
“It’s always a pleasure working with the team at Lendhub and we’re very pleased to have assisted in the delivery of this significant bridging loan.
As a firm we always aim to deliver a bespoke, personal service, working in collaboration with our clients, which led us to achieve an excellent result for Lendhub and their clients in this transaction.”
Asim Shirwani, Chief Commercial Officer at Lendhub adds:
“We worked extremely hard in getting this deal over the line for our new client. The case presented some complexities, however with our team’s experience and expertise, assisted by the team at Lawrence Stephens, we were able to overcome the challenges and deliver as required.
At Lendhub we pride ourselves on providing a transparent and reliable service, while working closely with our key partners in reaching the best possible outcome for our clients”