Lease Extension and £4m Loan for Prime London Refurbishment
Getting a loan when there is a short lease can be tricky, but not impossible. In this case, we helped the client secure their funds and extend their lease.
Loan Size: £4m
Loan Type: Bridge/long lease enfranchisement
Security Type: Single Unit
Term: 18 months
About the Deal
The client was looking to buy a long lease property in London to heavily refurbish and sell. The property in question was part of a traditional South West London terrace street and was in desperate need of renovation and modernisation.
Unfortunately, the current length of the long lease was under 15 years and the client was unable to secure debt through his own banking relationships. We were approached to find a funding partner that would fund the purchase and development and fund the cost to extend the long lease to over 100 years.
Not only did we successfully introduce a bridging loan lender that understood this type of requirement, but we also introduced a prominent enfranchisement lawyer who helped the client navigate through the complicated process. The lease was successfully extended, and the refurbishment work can now begin.