The borrower required the facility to refinance an existing bridging loan, release equity from planning uplift and to complete the development of the farmhouse and outer buildings.
The client‘s strategy was to maximise the day-one loan to release equity for upcoming purchases.
The £5m facility was agreed at 70% LTGDV and 130% loan to purchase price (based on the original acquisition).
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Paul Watson, head of lending at Blend Network, said: “We are delighted to have closed the £5m loan.
“The entire deal process was seamless with adviser and borrower alike and we are delighted to complete in a swift manner with a top tier SME client — hopefully the first of many more to follow!”
Cameron Hayes, structured finance adviser, added: “Delighted to have completed on this with Paul and the team at Blend Network.
“This is a very exciting development and the first stage in a much wider development of the site.”