An experienced development team were struggling to fund their project in Hull city centre. The project involved converting an existing office block into 42 apartments and 2 commercial units. The clients had had approached a number of high street lenders but after a frustrating couple of months were declined by all of them.
Jumbo Bridging stepped in and provided a solution to fund the project in 5 staged drawdowns over the course of the development. As the project proceeded and the value of the asset increased – additional funds were released to fund the next step of the project. We worked quickly and were able to structure and complete the deal within 15 days. GDV of the project £3.4m total loan amount over the entire project was £1.7m.