A property developer was struggling to fund his latest project in north east Scotland after the property slump in the local market. Jumbo Bridging were approached to provide a loan to take out the existing first charge of £230k and provide a facility of £650k to cover the build works.
The client had already invested in the initial demolition and clearing of the site but was unable to find a funding partner that would back the ambitious project with a GDV of £2m+. Jumbo Bridging looked at the bigger picture with regard to the housing market and understood the there was still a small but steady transaction history within the £1m+ bracket. After a visit by the QS and a re-inspection by the valuer, Jumbo were pleased to provide the full £750k requested over a 12 month period.