Specialist lender Precise has provided a £2m developer exit facility to refinance a luxury residential scheme in the Wirral, allowing the borrower additional time to sell the newly completed homes.

The deal, arranged in partnership with Clifton Private Finance, enabled the developer to redeem a maturing development loan from another lender and bridge the gap while marketing continued.

The completed site comprises four detached and two semi-detached properties with a combined value of £3.9m.

Precise worked to a tight deadline to ensure the funding was in place ahead of the original loan’s expiry.

The lender’s in-house underwriting team played a central role in accelerating the completion, working closely with Ross Williams, specialist account manager at Precise, and Nick Kerley, senior finance broker at Clifton Private Finance.

Alan Kimber (pictured), head of bridging at Precise, said: “This case is a great example of how a Precise bridging product can be used for developer exit to allow extra time for sales to complete. Everyone involved worked seamlessly to get this over the line.

“We’re delighted to be able to support Nick and his client with this deal and provide the added bonus of being able to redeem their previous finance a month early.”

OVER THE MOON

Clifton’s Nick Kerley added: “Our client, an experienced developer, was over the moon with getting this case over the line and similarly with the service they received.

“The existing lender didn’t provide exit products, however as Precise is a real specialist in this area, we were confident they would be able to help.

“The deal was not without its challenges, but we were able to complete and with time to spare.

“ This was a great example as to why we use Precise, not only for their market leading rates, but for their exemplary service from start to finish.”