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.