Mr S owned a parcel of land which formed a part of a larger plot which has been sold to a major house builder subject to planning permission being granted.
Once the sale of the land was completed, it was Mr S's intention to retire abroad leaving his house to his son. Prior to the transfer of ownership of his house Mr S wanted to do some refurbishments and he approached us for a bridging loan secured on his house and to be repaid from the sale proceeds of the land deal.
The land deal has dragged on but we have maintained our facility and our LTV by being flexible and taking additional security from the parcel of land sold conditionally.
Loan: €164k
Loan to completed value: 63%