Don't invest unless you're prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
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Don't invest unless you're prepared to lose money. This is a high-risk investment. You may not be able to access your money easily and are unlikely to be protected if something goes wrong. Take 2 mins to learn more.
Client’s circumstances: The client required funds to acquire a former church in Lancashire, that had been operating as a 20-bed care home. The client intended to obtain planning permission during the loan term to convert the property into residential use.
Mustard’s service: Mustard provided a first charge bridging loan of £237,488, with a loan term of 12 months at 73.1% LTV.
The result: The client struggled to repay the loan on time due to difficulties in obtaining a development loan after a successful planning application. Mustard extended the loan on several occasions to allow the borrower more time to realise their exit plan and kept their rate the same, despite several increases of BoE’s rate. As a result, the client was able to exit the loan by raising development finance to commence the conversion of the property into residential use.
