The one-year term 55% LTV blended loan across the two assets comes with a rate of BBR plus 6%, and will provide the borrower with a bridge while they look to gain planning consent for a residential scheme.
The exit plan is development finance once planning has been granted.
- The cost gap between BTL and bridging is 'ever narrowing'
- Blue Shield Capital appoints two senior executives
- Ultimate Finance completes £730,000 bridging loan for first-time developers
The facility was particularly complicated to complete due to the property being inherited and involving offshore entities.
Gil Ulrich, CEO at Blue Shield Capital (pictured above), said: “We are very pleased to provide this loan on what was a very complex deal — we remain committed to provide flexible short-term finance to borrowers across the UK market.”
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