Details:

Our client’s owned two large residential properties in Jersey. They had existing development finance which – due to over-runs with the development project – the loan had matured before the loan was complete. They required a new loan facility as their current lender could not renew their loan.

We were able to source a new lender who offered a 12 month facility, which gave them time to finish the development and complete the sales process.

The loan was secured with two first charges on the clients’ farmhouses with a loan to value ratio of 58%.

The interest on the loan was rolled freeing the borrower from having to make any payments until maturity, this gave the borrowers the flexibility they required and also aided their cashflow.