A Leicestershire based client needed our help with the property development of a block of new flats valued at £3m.
As we were still in the middle of a pandemic, the client was looking to utilise the government’s Coronavirus Business Interruption Loan Scheme (CBILS) and raise £2.25m over a 24-year repayment time-frame.
After speaking to the customer and a number of our funders, we raised an actual total of £4.35m, with the additional funds being used to support the next project, with no early repayment charges for the debt.
Under the scheme, the loan was offered with the first 12 months’ interest covered by the government, which mean that the developer would save £150,000 in year 1.
Our specialist property team worked closely with this customer to understand the development project and had to overcome several funding obstacles.
In the end, the customer was happy with the deal, and our property team was able to restructure other existing property portfolio repayments, further reducing monthly repayments by around £46k per annum.
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