“This case is a great example of how a Precise bridging product can be used for developer exit to allow extra time for sales to complete”
– Alan Kimber – Precise
Specialist lender Precise has completed a developer exit bridging loan in partnership with Clifton Private Finance, securing £2 million in short-term finance for a client selling newly completed homes.
The loan was used to repay an existing development facility with another lender and to allow additional time for the sale of the completed units. The project included four detached and two semi-detached properties, all recently constructed to a high standard and valued collectively at £3.9 million.
Ross Williams, specialist account manager at Precise, and Nick Kerley, senior finance broker at Clifton Private Finance, collaborated closely on the case. The pair were supported by Precise’s internal underwriting team to ensure completion occurred before the original loan deadline.
“This case is a great example of how a Precise bridging product can be used for developer exit to allow extra time for sales to complete,” said Alan Kimber, head of bridging at Precise (pictured). “Everyone involved worked seamlessly to get this over the line. We’re delighted to be able to support Nick and his client with this deal and provide the added bonus of being able to redeem their previous finance a month early.”
Nick Kerley, senior finance broker at Clifton Private Finance, explained, “Our client, an experienced developer, was over the moon with getting this case over the line and similarly with the service they received. The existing lender didn’t provide exit products; however, as Precise is a real specialist in this area, we were confident they would be able to help.
“The deal was not without its challenges, but we were able to complete and with time to spare! This was a great example as to why we use Precise, not only for their market-leading rates, but for their exemplary service from start to finish.”
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