It supported an experienced property professional with a 6 month bridging loan against 65% of the market value of the property, irrespective of the purchase price.
The deal was for a 21,000 square feet disused retail property, while plans for its conversion into two separate tenanted retail units were progressed during the option period.
The borrower approached Bridgebank for acquisition and development funding prior to the expiry of this period and after gaining the planning enhancement.
Within five months, the conversion project was completed and tenants were occupying the two new retail units.
The borrower has replayed the Bridgebank loan and is now moving on to another new investment opportunity.
