The business provided bed spaces for 109 vulnerable adults, across 19 properties.
This housing was helping people with a number of issues such as addiction, mental health problems and homelessness. Our client was looking to increase the number of people they could help by extending the property, adding three further rooms.
They had received a number of quotes and had received the required planning permissions, and as such were ready to proceed. Unfortunately, they had been let down at the last minute by another lender and left with an urgent funding gap, which had to be filled.
Without the funds needed to pay the building team, the contract would be cancelled. This had the potential to become a major setback, leaving the client looking for a building contractor who wasn’t currently in contract, or accepting severe delays.
The client had only one week to raise the required funds, meaning time was of the essence.
Due to the very short timescales, an unsecured business loan was agreed upon as the best route to take. This would enable the client to draw down the required funds in around five days, allowing them to fulfil their obligations to the contractor.
The business loan was completed within the five day target, meaning the client was able to move forward with the extension of the property.
- Loan Amount – £32,100
- Rate Offered – 7.9% per annum
- Term – 60 Months (5 years)
- Monthly Repayment – £649.34 per month