IRELAND LAND AUCTION

OVERVIEW

A time-critical bridge to assist with a land purchase. With the leverage being at 25% LTV and an experienced high-quality borrower profile, Novellus were able to expedite the underwriting of this case to make funds available within 48 hours. The loan drew within 7 days from the date of enquiry.

SUMMARY

• Dublin site (without planning)
• Internal valuation (no third-party professional valuation required due to LTV and team being familiar with the case)
• Direct enquiry from the borrower
• 180-day term
• Low LTV of 25%
• Credit backed terms issued within 4 hours of initial enquiry

The purchaser had exchanged so speed and certainty of funds were the main drivers on this. Novellus worked closely with the borrower to approve the application within hours of the initial enquiry and enable the borrowers to meet the closing date they had committed to.