Merchant Money provides lifeline to property developer

By Bridging Loan Directory 27th September 2022

UK wide finance provider Merchant Money has funded a property deal totalling £1.3m.

The funding requirement arose when the developer’s previous finance provider suspended their funding line (through no fault of the borrower’s) just before the final phase of development, leaving the whole project at risk.

The developer, based in Somerset was referred to Merchant Money through a specialist property finance broker.

Working closely with our specialist team, the broker was able to structure a full settlement of the existing lender’s debt as well as securing the additional funding to complete the project on a 12-month term.

Merchant Money CEO, Luke Jooste comments:

‘In the current climate it is common to see lenders either temporarily or permanently make changes to their product, pricing and funding conditions.

We are glad we could help the client navigate this situation providing not only the required finance, but also by leveraging our strong peer relationships’.