Bridging helps businessman to make an off-plan profit
In November 2013, our borrower, an entrepreneur businessman, had agreed to purchase an apartment off-plan. The apartment is in Central London and had a purchase price of £2.4m. A substantial deposit had been paid upon exchange of contracts.
The development was finished ahead of schedule and our borrower was served with a notice to complete the purchase and pay the balance of the purchase price.
In the intervening period, the value of the security property had increased to circa £3m and UTB was approached to lend a sum approaching £2m to assist with the completion of the purchase.
Our borrower’s income was derived from both UK and overseas businesses. With our expertise, we were able to undertake the requisite due diligence, agreed the loan and enabled the borrower to
complete his purchase.
Taking advantage of the increase in value, the businessman intends to sell the property to repay the loan.
Loan Amount: £1,891,400