Former pig farm case is a complex mess but Hope Capital comes to the rescue
This particular case was a heavy refurbishment project, involving a vacant freehold former pig farm in Lancashire, which had planning consent to convert the agricultural buildings into twelve private dwellings.
Hope Capital were asked to provide over £1.6m, for a loan period of 12 months.
The client had three pre-sales for the first quarter of 2021, so the transaction was time critical. In addition, the nature of this case presented many challenges due to a range of complexities which had to be investigated and resolved.
This included matters such as planning issues, asbestos contamination and legal aspects involving a right of way consideration, to name a few.
Therefore, the additional support and knowledge of an experienced quantity surveyor, broker and solicitor were required to ensure Hope Capital could meet the client’s expectations and within the tight timeframe.
Hope Capital worked collaboratively with Jamie Dutton at Watts, Chris Johnson at Bespoke Property Finance Consultants and Joei Chung at Freeths to deliver a solution tailored to the client.
Owing to the excellent working relationship between the four parties and due to the knowledge, expertise and support from each of the professionals, the client was able to complete their purchase on time.
Jonathan Sealey, CEO of Hope Capital, said:
“At times, we are presented with cases which are both complex and require a bridging loan almost immediately.
As a result, we often require the support from multiple parties to ensure we can achieve the outcome the client is looking for.
Owing to our fantastic relationship with our friends at Watts, Bespoke Property Finance Consultants and Freeths, we were able to work together to deliver the best solution to the client.
This is a fantastic example of how having an outstanding relationship in place with other parties, can be extremely beneficial to a borrower who needs to receive capital as soon as possible.”
Chris Johnson, Managing Director at Bespoke Property Finance Consultants, commented:
“It was a pleasure working with Hope Capital on this case. While there is no doubt it was a very difficult transaction to manage through to completion, it is a relationship with a lender like Hope Capital, which ensures we can deliver what the client wants.”
Jamie Dutton, Director at Watts, added:
“I would like to thank Hope Capital for their support on this case. Having a well-established relationship with the client ensured this deal was delivered successfully.
It was a great team effort, where all parties involved handled the complexities with expertise and professionalism. Without this, the case would not have been completed.”