was approached by a builder/developer who had placed a deposit on a site which
formed the unbuilt portion of a housing estate with a capacity for 40 units.
The site had lapsed planning permission but was well situated. The builder was
in an advanced discussions with a housing agency to sell the entire completed
development but the housing agency would not deal with the developer until he
had ownership. The builder was experiencing delays in securing debt finance
from his regular bank.
Pinemont financed €1,800,000 of the transaction being 70% of the valuation for
6 months allowing the borrower to make an agreement with the housing agency and
therefore secure finance from his regular bank. Pinemont placed the finance in
10 working days
Another successful outcome for the builder, saving his deposit of €260,000 and
securing the opportunity to make a significant development profit.