Try Loans and Apex Bridging team up in Derbyshire land deal
Specialist finance provider, Try Loans has this month completed a complex and difficult deal thanks to the speedy support of specialist bridging loan lender, Apex Bridging.
In late 2014, Try Loans was approached with a challenging enquiry where the only available security was a plot of land in Derbyshire with outline planning for 24 apartments and a 94 bedroom hotel. Plus the existing charge holder was demanding repayment as the loan period had come to an end.
Barry Scott, operations director at Try Loans, explained: “We have a fantastic working relationship with Apex Bridging and we know the team are approachable and flexible in their approach to all cases. After a quick conversation to thoroughly explain the deal, Apex was happy to agree the deal.
“Within a day of receiving the enquiry we had instructed the valuer and only 48 hours later we had received the valuation; something that is almost unheard of for a land or development deal.”
The open market value of the land came back as originally discussed, so Apex worked closely with its solicitors to get the deal funded quickly and it was completed at 60 per cent loan-to-value.
Mike Elliot, director at Apex Bridging, commented: “Apex has completed a large number of cases with Try Loans. I think the success and the speed of these completions is purely down to the knowledge and professionalism that both our companies bring to the table. We know that when we receive an enquiry from Try Loans it is always going to be of the highest quality and we’re happy to partner with them.”
Try Loans is now working on the exit strategy with a well-known development lender to complete the building of the apartments and another specialist funder to develop the hotel.
Barry added: “Whilst this was an unusual case it was handled with the same urgency and professionalism as all our enquiries are. We instantly knew the home for it and knew how to deal with the mechanics of getting it across the line.”