The borrower will also use the funding to acquire a new investment.
The short-term developer exit facility was brokered by Bournemouth-based broker Sarah Irons, senior mortgage and insurance consultant at Bluechip Financial.
It was provided at a net LTV of 62% with 12 months’ rolled interest and was turned around in 20 days from initial enquiry to completion.
“My client could not afford to wait around and Hampshire Trust Bank pulled out all the stops to ensure they had access to finance when they needed it,” said Sarah.
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“As a well-established brokerage, we are focused on building long-term business relationships and we look forward to working together again.”
Anna Lewis, head of sales, specialist mortgages at Hampshire Trust Bank (pictured above), added: “The property market moves quickly and in order to make the most of opportunities, investors need timely access to finance.
“We are delighted to have been able to turn this around within a tight timeframe and thank Bluechip Financial for providing all of the necessary information, helping move this deal along quickly.
“We are looking forward to working together again.”