Property type: Residential, Project: Property development, Location: Greater Manchester, Service provided: Bridge loan and joint venture, Value: 90% deposit of property
When the right opportunity came up at the wrong time for a famous property developer, Infatrade were able to help. Recently we were introduced to a developer who had the opportunity to purchase a fantastic building from a receivership.
Unfortunately time was not on his side. After paying a 10% deposit he was only given 21 days to provide the rest of the capital. To make matters worse, the deal took place over the Christmas period.
This was too short a time frame to apply for a mortgage. Fortunately, the property developer found Infatrade. Our legal team worked extensively to complete the client’s requirements and provide him the a bridging loan for the remaining 90% of the property’s value. After being able to purchase the property in the time limit allowed, the client went entered into a joint venture with Infatrade to develop the property, which proved to be profitable.