No proof of exit? No problem for the BridgeCrowd
A recent property developer bought a plot of land and but was awaiting planning permission, but soon discovered that traditional bridging and development lenders could not support his project, as the client could not provide evidence of the exit route.
Enter the BridgeCrowd.
Using their exclusive ‘valuation only’ product, the BridgeCrowd were satisfied that the borrower would endeavour to gain planning permission or had other repayment methods open to him.
As a result, this client was able to continue with his plans without losing the site.
Louis Alexander, pictured, MD, The BridgeCrowd said:
‘We were pleased to be able to support business growth for our client by bridging their property development. It is important to us to look at each individual case rather than being constrained by criteria used by the more traditional bridging lenders. We are able to do this thanks to the excellent business relationships we have fostered with 1st charge lenders, as well as the development of our market leading ‘valuation only’ product.’