£3.4m bridge on a listed warehouse conversion
A Grade II listed title with a 28-day auction deadline that three lenders had already declined. Completed in nine working days.
Carlos Velasquez
An investor won a Grade II listed warehouse at auction with a 28-day completion. The title carried a restrictive covenant and a partial conservation designation, and three lenders had already declined it on policy grounds rather than on credit.
We took the view that the issue was presentation. The credit paper addressed the covenant with a legal opinion attached, evidenced the conversion consent, and set out the development exit with a lender already indicating on the follow-on facility.
That last point was decisive. A bridge is only ever as strong as its exit, and evidencing the exit in advance turned a difficult short-term case into a straightforward one.
Funds drew in nine working days — our fastest completion to date on a non-standard title.
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