Joint Venture on a Development Site
A client came to us having Exchanged on a Development site in Cheshire, partly completed, for 20 units. Because another Bridging Company had let them down at the last minute, the Developer was at risk of losing the deal and their money. We deposited 100% of the purchase price – £500,000 on deposit with their Lawyers within 24 hours of receipt of the application. This enabled them to evidence to the Receivers that cash was available. The purchase completed only 5 days later. We provided a further £600k build costs to complete the scheme. This was completed on JV with the developer.