Just a flavour of some of the deals that we have recently completed
Refinanced Bridging Facility
Challenging bridge £450k completed for an established developer in the South West. Customer approached Bespoke as they needed to extend their ‘land only’ bridging loan. They had been put in a precarious situation where the current lender was unable to extend an existing facility and requested repayment. Customer needed time pre development to work on enhanced planning gain (which had been agreed in principle by the planners) and complete a deal with a housing association for the affordable housing allocation. Notwithstanding the borrowing had been refinanced on a bridge three times before, Mark & Greg were able to place with a funder at 65% LTV and we are now negotiating the development loan.
Auction Bridging facility
We were approached late in the day to assist on a deal where the client had committed at Auction to purchase a Grade 2 listed large property & land on the Cotswold escarpment which needed substantial work to bring it up to date. It had been in the same family for over 60 years & remained in its original sate. In addition there was Japanese Knotweed in part of the garden & adjoining one of the Barns.
The client had sold his house STC but unfortunately the buyer withdrew the day before exchange of Contracts. Bespoke Banking were able to orchestrate a Bridging Loan to cover the purchase with a Specialist Lender who were able to professionally consider the Knotweed issue & also understand the remedial works required on the property against a tight deadline.
Completion was a little later than that agreed on the Auction date but all parties worked together to get the deal agreed & the client was delighted with the service from Bespoke Banking. Quote from a very pleased client "You have done a brilliant job very impressive."
Factoring facility for new start up
Client was a start up in the construction industry needing working capital for a growing business as they took on new contracts. Traditional banking would not support due to it being. start up so we were able to source a flexible factoring facility which will grow with him as he expands. It allows him to take on new contracts with the confidence that the factoring facility will deliver.
Open ended Bridging facility
Open ended bridge facility £1.1m agreed which completed within one month of first meeting with customer. Customer wished to pay divorce settlement ahead of completing sale of his unencumbered property. Customer had significant farming assets to relocate so the bridging loan gave time for this to happen. The loan was agreed at up to 70% of value of property being sold with ability to exit after one month. Customer commented ‘Bespoke Banking really helped me complete the divorce settlement ahead of selling my property. The bridging facility provided more than enough time for my property sale to complete and allowed much needed time for me to move my significant assets to my new home. Mark Robinson went out of his way to facilitate drawdown of the loan and service was brilliant!’.
Confidential Invoice Discounting facility
This was agreed for a building services contracting company. £5m revenue business engaged in contracting work on petrol forecourts with national filling stations. Facility required to support working capital where company was growing quickly and traditional bank overdraft was inadequate to support. Facility limit £500k has enabled the company to expand further.
Commercial investment property loan
This £1.3m facility was negotiated with a repayment profile over 20 years. Property portfolio consists of three retail units and 10 residential units.
Coronavirus Business Interruption Loan Scheme
Assisted a long standing client with their application for a loan under the newly announced scheme. This has included numerous phone and video calls to gather all the required information, writing up a detailed report for the Bank, preparing cashflow forecasts to support the application and liaising with the Bank.
Working Capital Requirements
Worked with a trading client to ensure that their working capital requirement was preserved by helping to provide an invoice discounting facility. This will allow the client to not only manage their current cashflow but also to ensure that they will be ready to meet the demands when lockdown is over and trading conditions "return to normal".
Assisting a client to refinance their SIPP lending, allowing them to inject additional capital into their SIPP and also reducing interest rate by 50%.
Helped a client access short-term bridging facilities to assist with the purchase of an option on some residential building plots ahead of providing development finance to repay the bridge and allow the client to satisfy planning conditions.