TERM: 30 days
BORROWER’S CRITICAL SITUATION
The Borrower in this case had reached 65% completion, and had a few months left for the build to reach lock up stage. As a direct consequence of the decision by the financier involved to no longer continue with the supply of the facility, the Borrower was in a precarious position with all the creditors that were involved in the build.
A further issue that arose was that the build would come to a grinding halt, and that what had so far been constructed would be exposed to the elements.
BORROWER’S FUNDING NEED
Funding in the amount of $200K was required for the labour costs to finish the build, and the Security on offer was first registered mortgage over the property in question.
Archery Capital was able to quickly assess the stage of the construction, along with the exit proposed, and we were able to quickly accommodate the Borrower by providing a facility that saw all outstanding invoices paid, and the resumption of the work on the site for the final 35% of the build.
A POSITIVE END RESULT
The Borrower is extremely relieved, and has been able to refocus their energy on completing the project within the original time-frame, and will see a healthy profit margin.