The specialist short-term provider of loans for the VAT due on commercial property transactions advanced £500,000 to enable the developer to pay the VAT liability on the purchase of the site.
VATBRIDGE needed to redraft its standard English loan documents to reflect Scottish property security, with the lender being advised on this work by Moreton Fraser.
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Alan Smith, CEO at VATBRIDGE, said it was delighted to complete its first Scottish loan.
“We have always had to pass up previous Scottish enquiries, they have always been subject to time pressure and we never got around to converting the documentation.
“Now, with a new kilt in the wardrobe, we are keen to find more opportunities to wear it.”
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