Castle Trust Bank has worked with Arose Finance to complete a below-market valuation Heavy Refurb bridge within five weeks for the conversion of an unused care home.
The client approached Arose Finance, seeking a Bridging loan to return an unused care home in a prime, blue-chip location, spanning 10,500 sqft with 24 bedrooms, back to its original status of two substantial detached residential properties. After an exhaustive search of lenders who could assist within a very tight timeframe Kelsey Phillips at Arose Finance found the right lending partner and placed the case with Castle Trust Bank.
The client’s previous experience and strong position enabled us to provide a below-market value Heavy Refurbishment bridge with 90% Net LTV Day 1 of purchase price, at an LTGDV of 55%. The Bridge facility was completed within an impressive five weeks & met the clients deadline.
Kelsey said, “The structuring of this deal was exemplary: Our client required a high net initial advance from an experienced, reliable specialist lender who could complete the loan within extremely tight timescales. Castle Trust Bank provided the perfect solution with the developers requiring just 5 weeks to complete their purchase, moreover I have been impressed with the excellent service provided by their BDM Ryan Johnson alongside the whole of the Castle Trust team.”