Glenhawk, the specialist bridging lender, has today announced the completion of a £2.1 million loan to help their client complete a barn conversion project.
The client was mid-development of a four-unit barn conversion project in Northumberland, but, due to key members of their development team falling unwell mid-build, they needed more time to finish, market and sell the units. Two of the units were complete, with two at a much earlier stage.
Glenhawk’s loan, at 70% LTGDV, provided a day one net loan sufficient to repay the existing development lender, plus a drawdown facility of £611,000 to finish the two unfinished barns.
The loan was originated by Ryan Brewer, Business Development Manager for the North, and underwritten by Loulou Rich, Underwriter. It was expertly packaged and introduced by Steve Toole at NMS Commercial Services Ltd.
Ryan Brewer, Business Development Manager at Glenhawk commented:
“Completing this deal was no easy feat; it had a number of moving parts and issues raised late in the transaction - most notably, bats were detected on-site which caused a late hurdle to overcome, but thanks to superb work from Loulou, we were able to get comfortable to proceed (and without changing our loan terms). We would like to extend a huge thanks to Steve and his team for trusting us with this deal.”
To find out more, visit https://glenhawk.com/
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