Commercial banks in the U.K. rarely provide loans for redevelopment projects.

Problem

• A corporation had plans to purchase an old mail delivery office for redevelopment.
• The company needed financing but was unable to obtain it from traditional banks, who rarely lend to redevelopment projects.

Solution

• Rikvin Capital performed the necessary due diligence and underwriting and found that the property was in a prime location.
• We were able to provide the loan at 60% LTV for a period of 6 months with a first charge on the property.
• This enabled the borrower to purchase the property and apply for planning.
• The borrower later refinanced the property after receiving planning permission.

Related: Read about when Rikvin Capital provided financing for purchasing property in the UK