Two Complicated Completed Cases

Last week, the RFL Team managed to complete two very complex cases! Our client needed to refinance his development loan as he had sold one (subject to contract) of his three new build properties of which one of the remaining two was finished and the second, 80% complete. We sourced him a developers exit loan with one of our funders, who also dealt with the funds to complete,  however this didn’t provide enough funds to redeem the current development lender so we also had to secure him a separate loan for a 2nd charge bridge secured on his residential property with equitables on the remaining two new builds.

This is then how it got more complicated… the refinance of the development loan couldn’t occur until the sale of the first new build had happened and also our two loans that we were arranging (the development exit loan and the 2nd charge bridging loan) had to complete on the same day as each other. This meant that we were in communication with two sets of solicitors acting for the lenders, the clients solicitor and the purchasers solicitor and the lender for the purchasers solicitor!

However we got there in the end and managed to arrange our client a £930k developers exit loan and a £194k second charge bridging loan!