The BloomSmith team is delighted to confirm the provision of a VAT bridging loan for the purchase of Kenmuir Farm, a 60-acre plot of land in Glasgow that has planning permission for 300 houses.
100 per cent of the property’s VAT was lent to the client, with the BloomSmith team providing a loan of £378,600.
Provision of this finance ensures the purchaser can meet the VAT obligations of the purchase without their cash being unnecessarily diverted to HMRC, enabling prudent short-term cashflow management.
Funding for this purchase was done in collaboration with the award-winning specialist mortgage providers Together, with a total of £1.6m lent to the client.
The team also worked alongside its key partner Fladgate LLP, brokerages DMK Finance and Synergy Commercial Finance, and the purchaser’s representative Lindsays LLP to deliver the loan.
On completion of the deal, BloomSmith CEO Nigel Smith said: “This is a great example of our financing model in action.
“Our lending provision has enabled our client to quickly access the capital required to pay their VAT whilst avoiding the clunky admin and cashflow challenges that come with a reclaim of this size.
“The recent stabilisation of interest rates has given many developers and investors the confidence to execute land purchase deals and we have seen a significant uptick in demand for our services over recent weeks.
“We are delighted to have played a key supporting role in this purchase and look forward to working with them again in the future.”
Donna Kerr, Managing Director of DMK Finance and authorised representative for Synergy Commercial Finance said: “I am delighted to confirm the completion of this deal alongside the BloomSmith team.
“Being able to quickly provide specialist financial solutions tailored to our client’s needs is at the heart of our operations and delivering on this loan is a prime example of that ethos in action.
“We have worked with BloomSmith to broker several deals now and they have continuously delivered timely funding for clients.”
Tanya Elmaz, Director of Intermediary Sales at Together said: “It’s incredibly rewarding to see the success of a strong working relationship, and the collaborative effort to provide the funds in such a short timeframe is a testament to all parties involved.
“This is an excellent example of how a maintaining a strong working relationship with our trusted partners can provide the right customer outcomes at rapid pace.
“We hope to continue working with Synergy and BloomSmith; providing fast and flexible finance to help our customers achieve their property ambitions.”
Ella Leonard, partner for Fladgate LLP said: “The completion of this deal is a prime example of how smoothly and speedily a loan can be facilitated when all parties are pulling in the same direction.
“The time to completion represents a great turnaround and we would like to thank both the team at Lindsays and their client for their excellent co-operation throughout the process.”
If you would like to learn more about BloomSmith or explore borrowing opportunities, please feel free to explore the options below.
See if you qualify for a VAT brudging loan in minutes.
Want to talk? Arrange a phone call today.
Everything you need to know about the BloomSmith team.