Ortus Secured Finance has completed a £2.1m facility secured over a newly completed holiday-let in Suffolk, together with an adjacent plot with consent to build a similar sized house.
The development was our borrower’s first project and he experienced both time and cost overruns. He was under pressure to repay an incumbent lender who was charging a very high interest rate.
The deal had some complexities, not least an outstanding planning application to move the position of the unbuilt property. However, we took comfort in the quality of the borrower and the excellent standard of the completed property. We knew that reducing the pricing was a key motivation for the borrower, so we took a comfort charge over his commercial business premises and provided a facility at less than 1% per month.
The borrower now has the opportunity to market the property and achieve a sensible price.
The case was introduced by Neil Emmott of Zone Commercial who said: "Despite a couple of interesting hurdles along the way, Ortus delivered a solution which worked for the borrower and I enjoyed working with them.”
Jon Salisbury, managing director of Ortus, added: “It was great to complete this loan so soon after launching our new product range. We can now deal with a wide variety of commercial scenarios on competitive terms.”