The client wanted to secure land with sea views in one of the most desirable areas of the Vale. They owned a farm and had a purchaser in place but had not exchanged contracts and with the uncertainty of a completion date, they were in danger of missing the deadline to exercise the option agreement and building their dream home. The planning permission had taken two years to be granted, which meant the knock on effect was an exceptionally tight deadline.
Having already committed a substantial amount of time and money to gain the planning, what seemed a reasonably straight forward bridge turned out to be a complex jigsaw with multiple titles and restrictions. There were numerous titles involved covering acres of land, which meant that a range of development agreements had to be considered.
Cornerstone Commercial Finance joint forces with Affirmative, a short-term finance lender with over a decade’s experience in providing bridging and development loans to property developers and investors. We were delighted to be able to secure a £393,000 non-regulated bridging finance for our client, 48 hours ahead of the deadline, allowing our client’s dream home become a reality.