Refinance of an existing bridging loan facility for undeveloped prime property whilst awaiting hotel and office planning permission
- The client wanted to refinance its existing bridging loan to lower its current interest rates. The existing deal included a charge of 2% for both entry and exit fees.
- The client had a deadline to repay the existing debt or incur penalties for late payment.
- Rikvin Capital was able to offer a loan of £4,060,000 against a valuation of £5,075,000 with interests to be paid on a quarterly basis. No entry or exit fees were charged.
- The loan was secured against the undeveloped land with a Loan to Value (LTV) of 80% for a period of twelve months with an option to extend.
- The property was held in a UK limited company which was owned by an offshore entity. This meant that Rikvin Capital had to complete due diligence on both onshore and offshore entities.
- Being the principal lender, Rikvin Capital was able to move quickly and efficiently to complete the deal and meet the client’s requirements and deadlines.
Read about when Rikvin Capital took a 100% pledge on shares owning a property in United Kingdom here.
Refinance your existing bridging loans with us
If you have a bridging loan that needs refinancing, our specialists are happy to walk you through the required steps.