The loan was used to extend the borrower's sale period to market properties within the development.
Bridge Invest has completed on a £870,000 loan against a park home site in Lymm, Cheshire, valued at £1.8m.
This loan was used to extend the borrower’s sale period, allowing them time to market the properties.
The park home estate comprises of a development of 13 modular park homes developed on a brown field site.
Ronak Ruparell (pictured) chief executive and co-founder at Bridge invest, said: “The beauty of this loan is that 80% of the sale proceeds from the properties will be used to pay down the loan, effectively lowering the LTV throughout the course of the loan – having actually had a sale complete on day one.”
“At Bridge Invest we do not shy away from modern construction practices, especially when the sales give clear evidence of demand.”
