When a developer spotted an opportunity to transform one of the city’s derelict commercial buildings into six premium townhouses it was an offer he couldn’t pass up – so long as funding could be secured.
A £1.7m loan was required to complete the project and Blimey was asked to become involved to secure this.
Although the development’s planning application took 15 long months to be approved, Blimey was able to provide the loan in just six weeks after planning was granted allowing the developer to start the works on this landmark residential project.
Blimey was able to provide the funds for the initial purchase, with the remaining loan being released on a staged drawdown basis over a 12 month period until competition. The client was delighted with this funding option and the introducing broker retained the client’s business.