Time is of the essence for developers, as quick lending decisions must be made to ensure projects are not delayed or postponed entirely. As an experienced short-term property finance provider, we understand this requirement for efficiency more than most, working tirelessly to agree deals on suitable terms.
Fortunately for clients, the Signature team has extensive experience of all aspects of property development, enabling them to quickly understand the vision of a project and progress the deal to its crucial stages without unnecessary stalling.
This was recently seen as an experienced Liverpool-based developer approached Signature for a short-term bridging loan to complete the renovation of a spacious bungalow and coach-house.
Having already completed a large part of the heavy refurbishment project using their own funds, the developer needed Signature’s support to finish the remainder of the project. As such, a gross bridging loan of £338,250 was requested by the client on a 12-month term.
Located in an affluent and desirable area with a GDV upon completion of around £1.2 million, it was clear the project had significant potential and there would be strong demand for the property once marketed.
The proposed exit strategy would be its sale once works were completed, however the client also satisfied the criteria for a secondary exit of remortgaging if required.
As always, Signature conducted the necessary background and credit checks to ensure the development could be completed within the time and budget requirements outlined. Once approved, the terms of the deal were finalised, allowing the developer to move forward and complete the refurbishment.
Tony Gilbertson, CEO at Signature Property Finance, commented:
“As an experienced short-term property finance provider, it’s important that we support clients without over complicating the lending process.
“Given that developers already have a lot on their plate with the project management side of things, we want to avoid making it more stressful or problematic by taking too long to finalise the terms of the deal.
“Even the smallest of delays can have serious implications for the project, so we always strive to act fast, working tirelessly behind the scenes to find a suitable solution that benefits all parties.
“This project is a great example of this, and we are very much looking forward to watching the rest of the development take shape over the coming months.”
The developer added:
“From start to finish, working with Signature was a great experience, as their professionalism and commitment to efficiency allowed the process to run smoothly throughout.
“You can tell they have had plenty of experience supporting clients, as their in-depth industry knowledge ensured suitable terms were agreed. It is a real benefit that they have their own in-house legal team, pushing both sides of the deal process too.
“Dealing with Signature was less stressful than my experience with other lenders, some of which tried to change the deal terms close to drawdown. I would recommend any developer looking for short-term property finance, approaches Signature before looking elsewhere.”