|GROSS LOAN||LOAN TYPE||TERM||LTGV/LTV||LOCATION|
|€600,000||Bridge Development||12 months||50%||Dublin|
A complex and time sensitive bridge to assist with the development of an Olympic grade stud farm in West Dublin with the security comprised of a combination of residential, commercial and land elements.
The loan was structured to clear outstanding debt on the residential assets, to fund the development of a cross country equestrian track and upgrade the existing dressage facilities and stables. Funding was also used to construct Olympic grade stables.
The Borrower an individual with extensive experience in the equestrian industry having owned/operated an equestrian centre for many years.
Research: The site visit was completed to assess the assets and the business prior to loan completion. It was evident that there was a solid business operating with strong potential for growth with the right investment partner. Funds have been deployed wisely with improvements and developments to the equestrian centre proving successful.
Terms and Timelines: The loan was paid out within 4 weeks from date of the initial enquiry. Novellus offered a flexible approach towards the security package and pricing where other lenders were being restrictive. This allowed the borrower to access funds quickly and efficiently in order to complete the development in a timely manner. The borrower’s business now offers a full suite of equestrian services which in turn has boosted its growth and longevity.