Jumbo Bridging posts record month
Despite what many forecasters say regarding a period of uncertainty and downside recessionary pressure on the UK property market it is with great pleasure that Jumbo Bridging can reveal a record breaking month of July with completions totaling £14,357,500 over 6 transactions throughout England, Scotland and Wales.
The largest transaction being a private investor land loan of £4,600,000 at 70% LTV over a development site in Birmingham that was about to receive planning permission. The borrower was an experienced land trader and developer who had multiple exits from national house builders as soon as the site had obtained planning. The developer had faced difficulty in placing this loan due to the high LTV requirement but also the fact that the site did not have full detailed planning despite that being the reason he was buying it. Fortunately, we could see the logic in his motivation and it was an easy decision to support the borrower. The real story however is the fact that this transaction was funded from start to finish in 8 working days by using a valuation retype and lawyers who were both motivated and knowledgeable in their fields.
Christopher Dailly, CEO, Jumbo Bridging said:
“As the Summer and Brexit rumble on we would like to re iterate that there is creative, non status, speculative funding and lots of it still available in the market as we are hearing from many of our intermediary network that they are facing challenges in placing short term loans that do not fall within a very small set criteria that the majority of the tick box and institutionally backed bridging lenders apply to the loan opportunities that are presented to them.”