Overview

The borrower, an experienced property developer, had exchanged on a London purchase but needed to spread cashflow across several sites. A notice-to-complete deadline left limited time to arrange funding.

To fund the purchase without an additional cash deposit from the client, the team arranged to refinance an existing second charge on another property in the client’s portfolio. The equity released covered the deposit on the new purchase.

This required valuations and structuring across multiple securities at the same time, while working to the completion deadline.

The outcome

Working closely with 9Y Capital, the £1.7m facility was agreed, structured and legally completed in under four weeks.

The deposit came from equity released against an existing property, rather than new cash from the client. Existing property equity was still used as security.

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