Our client needed funds to help complete a barn conversion which would provide a large workshop/office space for his firm to operate from. Unfortunately, the client had been declared bankrupt a few years previously which prevented him from obtaining development funding from any high street lender.
Jumbo Bridging was able to look into the history behind the bankruptcy and take a view that the risk posed was minimal. The barn also had some onerous planning restrictions in place which prevented other lenders from funding the deal. Again, Jumbo Bridging were able to assess the client’s development plans with their legal team and decide that they wouldn’t be in breach of the restrictions.
Funds were made available to clear the first charge and cover all the build costs. The client exited the bridge 2 months early through a traditional commercial mortgage.