Hope Capital provides bridge for heavy refurb of Lancashire agricultural site
Hope Capital provided a facility of over £1.6m, for a loan period of 12 months, for a heavy refurbishment project involving a vacant freehold former pig farm in Lancashire.
The project had planning consent to convert the agricultural buildings into 12 private dwellings; the client had three pre-sales for the first quarter of 2021, so the transaction was time critical.
In addition, this case involved a range of complexities, including planning issues, asbestos contamination and legal aspects involving a right of way consideration, requiring the additional support and knowledge of a quantity surveyor, broker and solicitor.
Hope Capital worked with Jamie Dutton at Watts, Chris Johnson at Bespoke Property Finance Consultants and Joei Chung at Freeths.
Jonathan Sealey, CEO of Hope Capital, said: “At times, we are presented with cases which are both complex and require a bridging loan almost immediately.
“As a result, we often require the support from multiple parties to ensure we can achieve the outcome the client is looking for.
“Owing to our fantastic relationship with our friends at Watts, Bespoke Property Finance Consultants and Freeths, we were able to work together to deliver the best solution to the client.
“This is a fantastic example of how having an outstanding relationship in place with other parties, can be extremely beneficial to a borrower who needs to receive capital as soon as possible.”
Chris Johnson, managing director at Bespoke Property Finance Consultants, said: “It was a pleasure working with Hope Capital on this case. While there is no doubt it was a very difficult transaction to manage through to completion, it is a relationship with a lender like Hope Capital, which ensures we can deliver what the client wants.”
Jamie Dutton, director at Watts, added: “I would like to thank Hope Capital for their support on this case. Having a well-established relationship with the client ensured this deal was delivered successfully.
“It was a great team effort, where all parties involved handled the complexities with expertise and professionalism. Without this, the case would not have been completed.”