Case Study

Perseverance in times of challenging new build investment

Client Details:

Bexley Properties Ltd. in North Yorkshire

Clients Problem

It’s fair to say that investing in new builds can be challenging from time to time, but throw in a global pandemic and you’re faced with a whole range of new challenges and delays. Bexley Properties in North Yorkshire came to us because of this exact situation. Their investment in new-build apartments was proving challenging because of construction delays caused by the Covid-19 pandemic and also legal issues over cladding requirements on the new apartment block.

The Commercial Expert Way

A very competitive finance deal was put in place, but the completion took six months due to the complexities that needed to be resolved.

This was a situation which needed careful handling and patience. There were several parties involved and it was our role to keep in close contact not just with the client – via phone as well as regular Zoom meetings – but also the developer, the estate agent, the fire safety officer, the lender and the solicitor.

It was a really complex situation made all the more difficult by the background circumstances, but Tracey ensured everyone was on the same page, moving forward one step at a time. The chain remained strong until we could complete the deal because of the excellent level of management and communication by Tracey.

Outcome

Working in close cooperation with us and the lender, the client was able to acquire three apartments based in York. We secured £500,000 funding at a rate of 3.29% - that’s a 75% LTV.

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