The deal was to replace an existing bridge where the client had bought land with outline planning. The intention was always to submit a full planning application involving a substantial increase in the number of units – moving from a few houses to over 20 apartments.
Due to the Covid 19 pandemic, the planning process was delayed and the existing bridge term ended. This meant that the existing lender was not prepared to extend the term of the bridge, causing a huge amount of stress to the client and a race against time.
Our team at Cornerstone Commercial Finance took on the challenge to find a lender who would take a reasoned approach to the delay in the full planning application. The lender appreciated the land was in an excellent location in Cardiff.
Both our Sales Director and Development Specialist worked closely with the client, the Planning Consultant, Solicitor and Lender to make sure the deal was as completed on time and the opportunity wasn’t lost.
Cornerstone Commercial Finance were able to secure funding to repay the existing bridge using the existing land value and a 2nd charge on another property. All this was completed during the Welsh Firebreak and we are now working with the client to secure the funding for the new scheme of 24 properties.