The Developer

Sensitivity: Cash Flow

A medium-sized residential developer, purchasing an empty office building with permitted development rights to convert to residential units, had to pay VAT on this purchase. The developer had not dealt with VAT at the point of completion before so had not factored the amount into their costs. Without additional funding the deal would have been aborted. BloomSmith was able to provide a facility covering all of the VAT payable to the client, thereby allowing them to put forward a fully funded offer, which included development costs. Having funds tied up with HMRC would have made the scheme unviable.

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