Merchant Money bridging loan allows developer to grow
An ambitious, Midlands based developer, had his plans put on hold when his existing lender took a long time to decide on an increase to his loan threshold.
This put the purchase of his next property at risk, and he decided to seek out an alternative funding source.
Whilst a relatively new entrant to the property finance market, Merchant Money has a wealth of expertise in property finance that extends right up to their C-level team.
They were able to structure a 12 month bridging loan for £1.6m at rates sub 10% which went from initial call to pay-out in under 5 weeks.
This allowed the borrower to repay the original lender and complete the purchase of his next development.
The exit will be funded by the sale of one unit and the conversion of the second to a buy to let.
The developer is very happy with the service that he received and is already looking at a third project and fully intends to finance this with Merchant Money.
Luke Jooste, CEO of Merchant Money commented:
“I am pleased with the growth of our bridging loan product but more than that I am delighted that we are offering the sort of service and turnaround times that see our customers return.”