LOANS
This outlines the type of loans that Portman can provide. We don’t offer products so that we can remain flexible and adapt the loan to meet the borrower’s needs. See our past deal highlights for some the types of loans we have provided
Development
What is it: Funding to assist with both the purchase of the site and then the cost of the development
How much: from £100,000 to £2M
How is it secured: a first charge on the development site.
Development Top Up
What is it: To help fund that unforeseen shortfall or cost overrun on a development
How much: from £50,000 to £500,000
How is it secured: we will consider a second charge on the site or collateral security depending on the situation
Bridging
What is it: Short-term funding to assist with bridging that gap, whether it is pending the sale of a property or arranging longer-term finance.
How much: from £50,000 to £2M
How is it secured: All types of property from residential to commercial and land with planning
First Time Development
What is it: development funding for the first time or inexperienced developer.
How much: from £50,000 to £1M
How is it secured: a first charge on the development site
Part Completed Development
What is it: this is for those times when a developer has started development and requires further funding.
How much: from £50,000 to £1M
How is it secured: a first charge on the development site
PAST DEAL HIGHLIGHTS
Here are just a few highlights of some past deals we have done, which will hopefully give a flavour of what we can do
A bridging loan for an auction purchase, with a wrinkle.
An experienced property investor purchased a property, which had been split into two flats at auction. However, the property did not have planning for the two flats. After a site visit it was clear to see that the property could be easily converted back to a house and therefore comply with planning, so we were happy to take a view on the current planning situation, fund the purchase and the subsequent conversion works.
Bridging and Refurbishment.
The borrower had just completed a light refurbishment and the property was on the market when an opportunity to purchase another refurbishment project arose. We provided funding to assist with both the purchase and refurbishment, pending the sale of the already completed project.
Commercial Auction Investment.
We were approached with about 3 days before the auction date and the borrower wanted to go into the auction with confidence that he had funding agreed. A site visit was agreed and heads of terms issued in time for the auction. The borrower bought the property with our assistance and then arranged for longer term commercial finance.
First Time Development.
A site with a house and large garden with planning for 4 houses, although the borrower had worked in the property sector, they had never developed before. With the site in a strong residential area and a good team behind the borrower, funding for both the purchase and development was provided.
Auction purchase rolled on to development funding.
Having been let down by another funder, Portman stepped in to assist with the completion of the purchase. This was time critical as contracts had already been exchanged. Having visited the site and met the borrower, it was established that Portman would be willing to roll the purchase loan into a development loan with no additional costs of refinancing the purchase loan or any extra-legal or valuation costs.
Bridging with a twist.
With a loan already provided to a property company secured on land with planning, we were approached with an urgent request to provide further funding for the purchase of another site with planning. But the twist was that both the security and the exit route was another site. With the borrower having a good track record with us and strong security and exit route, we were able to have an offer and funding available within the week, allowing the borrower to complete on the purchase.