Client Type: Gibraltar SPV
Property Value: £5.2m
Property Location: Gibraltar
Loan Amount: £2.75m
LTV: 53%
Time to Complete: 3.5 Weeks
In 2023, the client signed a contract with a vendor to purchase a property site for £4.45 million before obtaining planning permission. A substantial deposit was paid, and later, planning permission was obtained for 64 apartments, 20 car parking spaces, and several storage spaces.
The primary challenge in this case was the limited time to complete the purchase. According to the purchase contract, the client had only 30 days from securing planning permission to finalise the purchase.
At Tenn, we diligently collaborated with a team of lawyers to ensure that the purchase was completed within the tight timeframe. We regularly effectively collaborate with legal professionals to ensure that we can source the best terms possible for our clients. The successful outcome was attributed to Tenn’s financial expertise and strategic thinking. The terms we offered for this case was a £2.75 million loan with an attractive 53% loan-to-value ratio (LTV).
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