Often development finance lenders will put specific deadlines on their clients' projects to be completed and then sold on. They don’t often allow for any delays in the project, which can mean that a developer can end up in a bit of a predicament. A development exit bridging finance facility can refinance the existing development finance once the project is complete/nearing completion, which then grants the developer time to sell the properties without any additional pressure.
A client approached BF24-7 Ltd with a major issue, they had taken out a development finance facility with a lender but there had been delays with the project which meant that they would not be able to complete the project, sell the properties and repay the facility on time. What made matters worse was that the current development finance lender would not grant the developer any sort of extension. BF24-7 Ltd sourced a lender that refinanced the facility and gave the developer the time needed to complete the project and sell the properties.
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Bridging Finance 24-7 LTD is a trading style of Business Finance 24/7, registered address 29 Peter Street, Manchester, M2 5QJ. Company number: 12005348. Registered in England and Wales. DPA No: ZA541464