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  /    /  Residential Property Development (£14,000,000)

Residential Property Development (£14,000,000)

A local property developer had secured a site in Surrey looking to build 14 new homes. Due to unforeseen circumstances and delays with planning, the developer needed to refinance the bridging finance used to secure the site and convert it to development finance. The developer’s credit history was poor and he was struggling to find a lender who was willing to lend the needed monies. With Azurian Capitals help, we were able to secure a new short-term bridging loan with no minimum term or exit fee allowing the developer to go on to arrange development finance to build out the site. The development was refinanced via convertible facility, so the developer did not need to pay fees twice over and only on additional borrowing.