Hencan Country Homes turned to the lender, which specialises in the funding and recovery of VAT due on commercial property transactions.
VATBRIDGE provided a £944,000 loan – which was completed within seven days – with the fees and interest paid on recovery of VAT.
Robert Cantle, managing director of Hencan Country Homes, said the developer went to VATBRIDGE following a suggestion by its broker after hitting the loan-to-value limits on the project.
“The loan was very quick and easy to arrange and proved to be great value.
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“The VATBRIDGE loan has reduced the level of contribution required from our development partners, allowing us to retain a greater share of the overall profits of this project.”
VATBRIDGE offers loan advances of up to 100% of the VAT due for sums from £30,000-5m+ with seven-day completions.
“We were delighted to help Hencan Country Homes on this prestigious development,” said Alan Smith of VATBRIDGE.
“The VATBRIDGE product was designed for this type of deal.
“The opportunity to replace a profit-sharing investment with a short-term loan makes financial sense for developers, the cost of the loan being significantly lower than the share of profits that would be given away.”
Robert added: “I am definitely a convert to the VATBRIDGE way of doing business.
“I have already pencilled them in to fund the VAT on my next project.”
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