Precise has completed a developer exit deal with Clifton Private Finance on behalf of a client seeking short term finance, while they sold their new build properties.
The client was looking for £2m to redeem a development loan from another lender and to provide extra time for the sale of the properties.
The deal involved four detached and two semi-detached properties with a valuation amount of £3.9m.
Ross Williams, specialist account manager at Precise and Nick Kerley, senior finance broker at Clifton Private Finance worked closely, utilising Precise’s in-house underwriting team to ensure the case completed before the development loan deadline.
Alan Kimber (pictured), head of bridging at Precise, said: “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. 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.”
Kerley added: “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.”
