A loan to support the purchase and refurbishment of a property in Cumbria.
An SPV (special purpose vehicle) was set up by the guarantors for the transaction.
The property comprised a 6-bedroom house with planning approval for two, 2 storey 3-bedroom houses in the garden. The loan was required for refurbishment of the main house only.
Both principals were quantity surveyors with experience of property construction and development.
The loan was to be repaid through the sale of the house or refinanced through a traditional lender.