Bridging loan for the fees incurred in the preparation and submission of a planning application. A developer owned a parcel of land in a residential area of Solihull, forming part of the garden attached to his family house.
A sale was agreed to a national house builder subject to planning permission for residential new build houses at a figure in excess of £1m.
Traditional funders would not provide the loan required on the basis the land did not have planning permission. Garhill advanced the loan required as the national house building company had provided a non-refundable deposit of £100k with their solicitors.
