Pure Commercial Finance secures £2.5m of funding in three days
Cardiff-based brokerage Pure Commercial Finance has sourced £2.5m second charge bridging loan in just three days for an experienced property developer owning a large site with planning permission for multiple homes.
Ben Lloyd from Pure completed the deal within three working days with Bushell Investment Group, compared to an average industry turnaround time of three weeks for second charge loans.
An existing lender had taken a charge out on the land to fund the project up to that point, but further finance was needed to complete the job.
This finance was secured however, the lender pulled out at the last minute which meant £2.5m of funding was required in a matter of days to prevent the development collapsing.
Ben Lloyd, managing director of Pure Commercial Finance, said: “Bushell Investment Group (BIG) is an absolutely outstanding lender for complex jobs, especially in a time sensitive situation.
“I can tell that the BIG team worked as fast as humanly possible and that they wanted to prove that they could get this deal done.
“Even though there wasn’t a second valuation which would turn off many lenders, BIG were comfortable with their own research that the asset was worth significantly more and decided to progress with the loan without the need for a new valuation.”