Deal type - Acquisition of listed building
Client - Residential property developer
Location - Glasgow, Scotland
USP - Fast delivery of 100% the purchase price
Loan sum - £2,300,000
Product - Commercial property bridge loan
When a developer was let down by a bank, and needed a deliverable solution fast, their solicitor knew who to trust, Mark and Andy at Conduit Finance.
The client, a well-established and profitable UK-wide developer, had terms agreed and in place with their existing funder. Just days before completion, and post the Brexit result, last June, their funder decided to pull out of the Scottish market in late July.
Mark Reidy received the call from the solicitor to assist with the urgent funding requirement. He was tasked with sourcing acquisition finance within 6 weeks to ensure the developer secured a site with a development net profit of £2,000,000.
Mark then worked with his colleague Andy Lawson to undertake quick due diligence and to scope the client’s requirements. Using our lenders database of over 400 active sources and our market knowledge we quickly placed the requirement with a reliable lender who could deliver.
Next day they met with the solicitor to further scope the requirement, security and the client’s expectations. At the meeting Mark and Andy presented a number of potential solutions with a plan A and plan B being agreed.
Mark presented the solutions to the borrowers and our letter of engagement was signed same day.
After the collection of data and supporting documents we drafted a proposal for the lenders and after submission we secured heads of terms within 24 hours.
We search the market every day for interesting new to market lenders and creative products. This investment in innovation ensures when we get the opportunity we can react decisively.
From start to finish the process took 6 weeks and we have been instructed to raise another £4,200,000.
And good news from our perspective, we have been retained by the borrower. We look forward to delivering for both the client and the introducer again in the future.
Our client said
"The certainty Mark provided regarding the deliverability of our funding gave us peace of mind throughout the whole process"
The introducer said;
“We are delighted with the service Andy provided to our client to enable the fast completion of this transaction.”
If you have a similar time pressured requirement please call Mark Reidy or Andy Lawson, either inside or outside business hours, for comfort and a solution.
Mark Reidy Mark@ConduitFinance.com 07775 678 087
Andy Lawson Andy@ConduitFinance.com 07929 612 502