Regulated Bridge - Cornwall
The client applied to Peninsula to raise funds to assist with the purchase of an adjacent property consisting of a farmhouse, 2 x holiday lets, stone barns with planning for 2 further holiday lets and various other outbuildings. In order to meet the purchase price and to remain within out Loan to Value cap, the clients current residence was offered as additional security. The clients intended to sell their current residence and move into the new property on completion. The loan was therefore structured so that part of the loan amount could be repaid once their current property had sold and our minimum loan period would not apply. The clients obtained an uplift in the planning for the holiday lets allowing for full residential use and during the term of the loan, these were also sold off and our loan was further reduced. A new loan facility has been made available to the clients to develop the other outbuildings at the Property.