The facility was secured against a luxury development of 14 Derbyshire apartments
Specialist finance provider Saxon Trust recently completed a £3.3 million loan, introduced by Bridgedevelopment Property Finance, on its Finish and Sell product.
Secured against a luxury development of 14 apartments in Derbyshire, drawdown was executed, but work was still required to fit out several of the apartments together with the completion of communal areas and external works.
The scheme is in a prime location in the Derbyshire Dales and is set within its own private grounds of 1.5 acres. As well as a £2.7 million refinance of the existing senior loan, a further £300,000 will be required to complete the works over a period of nine months.
“Unlike the incumbent lender, Saxon Trust took a pragmatic approach to dealing with a difficult project that had stalled both due to a failed contractor and the advent of COVID-19,” Phil Mabb, director at Bridgedevelopment Property Finance, commented. “I applaud their ingenuity in providing a solution to a difficult case.”
Read more: Saxon Trust unveils new stepped-rate bridging loan product.
Andrew Gardiner, director at Saxon Trust, said they were delighted to have completed the Finish and Sell loan for the broker.
