31 Jan Bridge Invest completes £1m development exit loan
Bridge Invest has provided a £1m second charge development exit loan for a scheme in Gosport, Hampshire.
The development – which overlooks Portsmouth Harbour – comprises nine detached residential homes.
The borrower required the funding to release equity in order to pay off investors and use excess funds towards their next project.
Given the modular construction of the buildings, Bridge Invest claimed that most lenders would not consider them as suitable security.
“At Bridge Invest, we do not shy away from the use of modern construction,” said Ronak Ruparell, chief executive at Bridge Invest.
“We also felt comfortable holding a second charge over the properties given there was clear evidence of sales, with four out of the nine properties under offer.
“Each sale lowers the LTV, thereby reducing our risk.”