Development Exit
Our client had completed the development of 6 apartments and was still using the term development loan facility which was expensive money.
The client had sales on all of the flats that were in the legal process however these were not going to complete prior to the end of the existing development loan term.
Development Money were successful in securing a new bridging ‘development exit’ product for the client against the value of the completed flats and associated land with planning at much cheaper rates. The completion of the loan enabled the redemption of the existing development loan and gave the borrowers additional time for the sale of the flats without running the risk of running into default rates with the existing lender.
